Legal & General Investment Management (LGIM) delivered another excellent new business result during the first quarter of 2011 with gross inflows of £10.5bn.
This is broadly in line with the strong performance delivered in the same period last year.
Net new business was £2bn (Q1 2010 £3.3bn) and total assets under management have now increased to £356bn, up from £330bn at the end of the first quarter of 2010.
Significantly, an increasing share of new business has been derived from Liability Driven Investment (LDI) mandates, where gross inflows were £2bn (Q1 2010 £0.2bn) and from overseas clients. In Q1 2011 gross fund flows of £2.4bn, representing 22% of total gross fund flows were from outside the UK.
LGIM continues to hold a leading position in the UK LDI market where our clients benefit from both our scale and experience. We remain at the forefront of developments in this market place and are increasingly applying our expertise to non-UK based pension schemes.
Our strategy to expand internationally continued to make headway during the first quarter, with mandate wins from the Gulf, Germany, Switzerland and the US. LGIM is now one of the top 10 largest European asset managers.
Kevin Gregory, Interim Chief Executive Officer (LGIM) said "The first quarter has been an impressive period for new business for LGIM. Our core offerings in index tracking, active fixed income and active equity continue to see strong demand from our clients. As always, this is underpinned by our dedication to client service.
"I am particularly pleased by the continued progress of our LDI business which goes from strength to strength and the success achieved this quarter in international markets where we see huge expansion opportunities."
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