UK – Legal & General Investment Management won 2.8 billion pounds (4.02 billion euros) of new business in the first quarter of 2003, six percent down on the same period in 2002.

“Our institutional fund management subsidiary maintained its highly successful track record by winning new business of 2.8 billion pounds in the quarter,” Legal & General said. In the first quarter of 2002 it won 3.0 billion pounds of new institutional business.

It added that group funds under management at the end of March were unchanged from the end of 2002 at 116 billion pounds (166 billion euros).

L&G is the third largest manager of European pension fund assets, with around 88 billion euros under management.

At the individual pension level, new annual premium business fell to 29 million pounds from the 2002 quarter’s 43 million pounds.

“We expect conditions to remain difficult this year, but with our financial strength and our good value product range, we believe we remain well positioned to achieve profitable market share growth,” said chief executive David Prosser.

In sterling terms, international sales declined to 23 million pounds from 25 million pounds.