Higher interest rates and outflows have caused a 4% fall in assets under management (AUM) at Legal and General’s (L&G) asset management division.
In its full-year results for 2024 released today (12 March), L&G said the 4% drop has seen its AUM decrease from over £1.15trn in the 2023 financial year to just over £1.11trn in 2024. Outflows of £47.8bn were driven by UK defined benefit (DB) clients continuing "to adjust their portfolios in response to improved funding ratios and execute some one-off tactical asset allocation rebalances", the insurance giant said. Legal & General to cut jobs in revamped asset management arm Moreover, profits before tax also dropped year-on-year from £325m to £211m and costs increased from £658m...
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