L&G Investment Management (LGIM) has received approval to launch a Sicav fund platform in Luxembourg to target wealthy private investors outside the UK.

The launch includes three underlying funds, along with five more which are yet to be launched, according to The Financial Times.

The firm is in the process of registering the funds in 12 other European countries with the focus to enter the wealth management market by developing distribution networks with private and high street banks.

Initially, the fund range will target on LGIM’s core strengths of active fixed income, passive index investing and multi-asset vehicles.

Also, LGIM has created distribution deals in the Netherlands, France, Ireland, Germany and the Nordic region, in a move to internationalize its business.

Almost 90% of LGIM’s £433 billion of assets under management is currently sourced from the UK, where it owns 4% of the stock market, although it does manage £52 billion on behalf of 60 pension funds in the US and more than 100 institutions in Europe and the Gulf.