LGIM assets tumble over 10% as LDI business suffers

Outflows of £19.7bn from the unit

Legal and General Investment Management's assets under management fell by 11% in the first half of the year, as investors pulled money out of its LDI business and higher interest rates took their toll.

Overall AUM fell by £132bn to £1.158trn during the period, a drop of 10% compared to the £1.29trn reported in the same period in 2022. According to the company, this was mainly due to the negative impact of higher interest rates. However, investors also pulled £19.7bn out of LGIM's UK DB Solutions business, its liability-driven investment arm, during the period. Market confidence rebounds in Q2 as manager performance remains mixed LGIM delivered operating profit of £142m at the half year point, down £59m from £200m for the first half of 2022, a drop of 29%. Management fee revenu...