British asset management firm Legal & General Investment Management (LGIM) has posted an operating profit of £304 million for 2013, an increase of 12% from £272 million a year ago.
The group’s total assets under management (AUM) grew by 11% to £450 billion from£406 billion in 2012, helped by significant inflows from key international markets.
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LGIM said that its international expansion accelerated as net inflows more than doubled to £15.7 billion compared with £7.8 billion in 2012, helped by strong demand for LGIM America’s LDI and Active Fixed Income capabilities.
Elsewhere, the AUM of LGIM’s Solutions business increased to £70bn,a gain of 10% over the year, reflecting gross inflows of £8.6 billion versuus £5.9 billion in 2012.
Active Fixed Income AUM increased to over £89 billion compared with£82 billion in 2012.
Mark Zinkula, CEO of LGIM, said: "LGIM had another very successful year with strong growth across the business, especially in international, which has grown to almost £60bn in AUM. The US business, in particular, had another outstanding year with continued excellent performance, and our recent acquisition of Global Index Advisors puts us in a strong position to grow DC assets in the US.
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