L&G looks at further acquisitions as war chest swells

Legal & General (L&G) has reported a jump in pre-tax profits and cash reserves and is eyeing further 'selective acquisitions' following its purchase of Cofunds last year.

L&G's net cash pile has tripled since the financial crisis, growing from £320m in 2008 to £1bn in 2013. It used some of that war chest to purchase platform Cofunds last year, and has already snapped up a US investment adviser so far this year. Reporting results for 2013, the group raised its full-year dividend by 22% and said it would look to return more money to shareholders, as well as potential acquisitions, in future. "We continue to see profitable growth opportunities, both organic and via selective acquisitions, in which to deploy some of our capital. We also expect to increa...