UK - New institutional business dropped 20% at Legal & General during the third quarter. But overall new business soared.
L&G clinched nearly £3bn of new institutional business in the three months to the end of September against more than £3.7bn in the corresponding period last year.
But L&G remained upbeat and cited market fluctuations over the last few months for the slower growth of new business.
Legal & General group chief executive David Prosser said: “Our investment management business continues to deliver results. Since the beginning of 1998, it has averaged over £1bn of new business a month and has maintained that record in the last quarter despite lower equity market levels.”
Segregated business performed well with L&G winning £796m of new business in the three months to the end of September against £6m in the corresponding period last year.
Pooled business, however, performed badly and new business fell from £3bn in the three months to September 2000 to only £2.1bn during the corresponding period this year – a fall of nearly 30%.
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.