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Profits up 13 per cent at LGIM

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Legal & General Investment Management (LGIM) posted strong results for the first half of 2013, with operating profit of GBP135m – an increase of 13 per cent year on year (H1 2012: GBP119m).

 
Total assets under management (AUM) grew seven per cent to GBP433bn (FY 2012: GBP406bn).
 
Net new business of GBP8.0bn was double that achieved in H1 2012. Business flows from international clients were particularly strong, with GBP7.5bn of new investments secured, bringing AUM to GBP52bn (FY 2012: GBP43bn).
 
The company’s LDI capability continues to grow. The ongoing trend for clients with defined benefit pension schemes to de-risk as they move towards buyout resulted in strong gross inflows of GBP9bn into fixed income and LDI mandates.
 
Index business remains the largest contributor to revenue generation, now comprising GBP262bn AUM, a rise of eight per cent (FY 2012: GBP243bn).
 
Mark Zinkula (pictured), LGIM chief executive officer, says: “LGIM achieved strong growth in the first half of the year, with all of our core businesses performing well. In particular, robust flows from international clients reflect the success we are having in our strategy to develop the business in selected markets globally. I am delighted that the recent granting of regulatory approval in Hong Kong now allows LGIM Asia to grow in this increasingly important region. Looking ahead, the integration of Legal & General Investments will better position us to accelerate the growth of our UK retail business.”

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