L&G's Cofunds deal to lift insurer's savings pile above £100bn

Legal & General said today its recent move to take over fund supermarket Cofunds will lift assets in its savings arm above £100bn to a new record high when the deal completes.

The blue chip insurer, announcing its latest trading update, said in Q1 the savings business increased sales by 20% to £366m, with assets under administration (AUA) climbing from £70bn to £74bn. However, the Cofunds acquisition - which cost it £131m - will take AUA well above £100bn, it said. "Control gives us the ability to leverage the Group's reputation in operational excellence with cost savings of £11m a year from 2015, with a one-off investment of £17m," it said. "Once completed, the acquisition will grow our scale and distribution in the investment platform market. At 31 Mar...