Dutch and Irish funds tap LGIM for indexing
EUROPE – Legal & General Investment Management has won new indexing business from pension funds in the Netherlands and Ireland.
“We have continued to widen the sources of index fund business with new clients in the Netherlands and the Irish republic and to broaden the product range with notable success in active bond mandates,” L&G said in a new business release. A spokesman declined to name the new schemes.
It said LGIM “continued to win significant volumes of new business in the quarter” – with the unit now managing more than 100 billion pounds (144 billion euros) for external clients. Total assets under management are now more than 154 billion pounds.
LGIM recorded new business of 11.1 billion pounds in the first nine months of the year, up from 10.1 billion pounds in 2003. LGIM added that it “maintained our record of averaging over £1bn of new UK pension fund investment business per month since January 1998.
David Prosser, chief executive of L&G said: “Legal & General Investment Management has continued its impressive record of new business success and has passed two milestones.
“The business has reinforced its position as one of Europe’s major fund management houses.”