LGIM profits hit record level

Legal & General Investment Management (LGIM) achieved record profits for 2010 after growing funds under management 12%.

LGIM, the insurer's asset management arm, says it has grown profits to £206m in 2010, from £172m in 2009, on an IFRS basis. The rise in profits comes off the back of soaring funds under management which climbed from £315bn to £354bn, up 12%. LGIM says both its passive and active funds have attracted UK and International investors, helping to increase funds under management. LGIM also saw its net cash generation rise 30% to £162m. Parent company Legal & General, headed by  group chief executive Tim Breedon (pictured) also upped its dividend 24% to 4.75p per share. Breedon says...