International demand for index trackers and active fixed income drove flows for Legal & General Investment Management (LGIM) in 2013.
According to parent company Legal & General Group’s preliminary results, LGIM - which includes both retail and institutional money - saw its assets under management grow by 11 per cent to £450bn during 2013.
Net inflows from external clients were up 75 per cent compared with 2012 to £9.3bn. The company said it expected “strong demand for our index, liability-driven investment and active fixed income capabilities” to continue.
It highlighted last month’s acquisition of US-based Global Index Advisors as a potential boost to its index tracking business.
The wider Legal & General Group delivered “record results” with a profit before tax of £1.1bn, and announced a 22 per cent hike in its dividend.
Group chief executive Nigel Wilson also highlighted the acquisition of its full stake in Cofunds last year as adding a further £64bn of assets. Platform inflows including Cofunds business in 2013 were £8bn, he said.
