Legal & General 'to quit ABI'

Legal & General (L&G), the country's biggest pension fund manager, is set to end its membership of the Association of British Insurers (ABI), according to reports.

Sky News reports the insurer will make a statement later today announcing it has decided to end its membership of the trade body.  It said sources speculated the recent split of the ABI’s investment affairs mandate, which is responsible for corporate governance, was likely to have been a factor in L&G’s decision. Another organisation will assume oversight of institutional shareholders’ dealings with listed companies, “a dialogue in which L&G’s fund management will play a leading role”, according to the report. It is also understood L&G believes it can lobby more effectively on sig...