UK - Legal & General Investment Management has pulled in more than £1bn (€1.4bn) of new institutional business per month during the first quarter, amounting to £5.6bn in total.

This is a 63% increase on LGIM’s £3.4bn figure for the first quarter of 2005.

Pension funds brought in roughly £3.8bn over the quarter – a 14% increase from £3.3bn in March 2005.

According to investment relations chief Peter Horsman, there were 75 new pension fund clients in the first quarter, accounting for £912m. Existing L&G pension fund clients made up the difference.

“There is a mix. None of the schemes is exceptionally large,” Horsman told IPE in relation to the size of the new pension funds. He declined to name any specific schemes.

Increasing pension inflows can, in part, be attributed to an increasing number of cash injections by schemes to reduce deficits.

Horsman added that the inflows were “more of the same” in that LGIM has pulled in about £1bn per month since 1998.

According to an L&G statement, “This is a strong start to the year” and “yet another quarter of outstanding performance”.

LGIM saw its funds under management rise 26% in 2005 to £204bn at year-end. Fourth-quarter new business was up 57% at £6.9bn.