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LGIM assets up 20% for year; international AUM grows 45%

Legal & General Investment Management’s assets under management increased 19.8% over the year ended Dec. 31 to £894.2 billion ($1.1 trillion).

Third-party net inflows totaled £29.2 billion for the year, compared with £37.7 billion in 2015, said a financial update Wednesday.

Net inflows to the firm’s solutions business, which includes liability-driven investment and multiasset strategies, totaled £34.7 billion in 2016, the same level as 2015.

International assets under management grew 44.9% over the year to £177.4 billion, driven by rallying equity markets, the devaluation of British sterling and positive net inflows for the year of £14.5 billion. That compares to £9.5 billion in net inflows for 2015

The firm’s U.S. business recorded net inflows of £9.4 billion, up from £6.3 billion for in 2015. That growth was driven by index, solutions and fixed-income business.

LGIM saw net inflows of £2 billion to its defined contribution unit, compared with net inflows of £2.9 billion for the year ended Dec. 31, 2015. The number of plans supported by LGIM’s DC unit grew to more than 9,400 as of Dec. 31, up from 4,376 a year previous. Total assets under management increased 23.9% to £57.1 billion.

“We have delivered robust results in a challenging environment and continue to successfully expand our business,” said Mark Zinkula, CEO at LGIM, in a statement accompanying the update. Mr. Zinkula said the firm is building on its U.K. defined benefit business, but “growth is increasingly coming from the (defined contribution) and retail sectors and our target international markets.”

Quarterly comparisons were not available by press time.