Legal & General Investment Management's total funds under management has topped £6bn for the first time, end of first half year figures for the firm reveal.
The 2% increase in the assurer's UK fund management business – which includes both institutional and retail funds – comes in spite of weak and volatile markets.
These market conditions led to L&G's equities and property business to return 8.1% lower than forecast for the six month period.
The UK’s third largest assurer also reported that its UK life and pensions business increased to £266m – up 30% on the same period last year.
Legal & General said its performance was bolstered by stakeholder sales which accounted for £42m of its business.
The life assurer’s total UK business sales rose 25% to £325m on last year when UK business sales totalled £260m.
Legal & General group chief executive David Prosser said: “Our multi-channel distribution strategy continues to develop with important new partners such as Barclays and Alliance & Leicester choosing Legal & General and expanding our customer reach significantly.”
By Michael Schiniou
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