UK - Legal & General (L&G) Investment Management has posted a first quarter new business result of just over £3bn, eight percent down from the same time last year.
Despite the fall, L&G was upbeat about the unit’s “highly successful” performance, focusing instead on the fact that by picking up £3bn in new business this quarter it has averaged £1bn in new UK pension scheme business a month.
The drop in L&G Investment Management’s overall new business result stemmed from a fall of approximately £700m in its pooled funds business. During the first quarter of 2002, L&G pulled in £2.55bn in institutional pooled funds business, compared to the £3.25bn recorded during the same time last year.
To compensate for the fall in new pooled funds business the firm saw spectacular growth in its segregated funds business - during the first quarter of 2002, business stood at £420m, compared to the £7m recorded the previous year. Likewise, the firm’s other institutional products saw impressive growth, standing at £36m for the first quarter, compared to the £6m registered the same time last year.
By Geoffrey Ho
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