Legal and General Investment Management's assets under management fell by 11% in the first half of the year, as investors pulled money out of its LDI business and higher interest rates took their toll.
Overall AUM fell by £132bn to £1.158trn during the period, a drop of 10% compared to the £1.29trn reported in the same period in 2022. According to the company, this was mainly due to the negative impact of higher interest rates. However, investors also pulled £19.7bn out of LGIM's UK DB Solutions business, its liability-driven investment arm, during the period. Market confidence rebounds in Q2 as manager performance remains mixed LGIM delivered operating profit of £142m at the half year point, down £59m from £200m for the first half of 2022, a drop of 29%. Management fee revenu...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
