Legal & General Group has agreed the sale of a book of retail investments from its personal investing business to Fidelity International.
The back-book is comprised of roughly 300,000 customers and contains £5.8bn assets under management held in legacy ISA, junior ISA and general investment account products, invested in Legal & General Investment Management (LGIM) funds. On transfer to Fidelity, any customers affected will remain invested in LGIM funds and the firm will continue to earn an investment fee. Assessment of Value: Legal & General UK Alpha Trust performed 'well below' target L&G described the sale as offering customers "the best of Fidelity International's large-scale administration and the LGIM investment...
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