Legal & General Investment Management announces 11 per cent jump in profits

Michelle Scrimgeour

LGIM said it continues to benefit from global trends in retirement saving and the structural shifts in demand being experienced by the asset management industry.

The firm reported that this is “driving an increase in customer appetite for LGIM’s diverse range of products and broad investment capabilities spanning index, active, multi-asset and alternatives, underpinned with a thoughtful ESG approach”.

Notable points in the results are:

• AUM up 15 per cent to £1,135bn (H1 2018: £985bn)
• External net flows of £60.3bn (H1 2018: £14.6bn), with significant index flows from Asian clients
• International assets up 50 per cent to £343bn
• Continued commitment to enhancing customers’ digital experience and optimising investment platforms

Michelle Scrimgeour, CEO of LGIM, who joined the firm in July of this year, said: “This set of results for the six months to June reflect a good first half of the year for LGIM. I look forward to continuing to build on these foundations in my role as CEO. We have continued to make great strides in growing our international business and have had some significant wins, not least securing the mandate with the Japan Government Pension Investment Fund.

“At the same time, we have invested in improving our operating platform and continue to invest in enhancing customers’ digital experience. That work continues apace. The future will bring global regulatory, economic, technological and political change, and I will be working closely with the business and our clients to navigate what will be a challenging time for our industry.”