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Money Management

Legal & General’s AUM rises 10% in 2017 on strong international inflows

Legal & General Investment Management's assets under management grew 10% to 983 billion ($1.33 trillion) in 2017, bolstered by international business.

External net inflows totaled 43.5 billion in 2017, up from 29.2 billion in 2016.

The firm's solutions business, which includes liability-driven investment and multiasset strategies, saw assets under management grow 29% to 45 billion over the year. This was driven by defined benefit plans "implementing a broader range of LDI strategies and high demand for multiasset strategies from DC schemes and retail customers," said the firm's annual report.

International assets under management grew 29% to 228 billion, with net inflows of 33 billion. That compared with net inflows of 14.5 billion in 2016.

U.S. business, under Legal & General Investment Management America, grew 18% to 139.5 billion in assets under management, with net inflows of 12.6 billion. In 2016, LGIMA recorded net inflows of 9.4 billion.

"Our U.S.-based business now accounts for 14% of our AUM and our ambition is to increase this percentage substantially," said the report.

LGIM's defined contribution unit assets under management grew 19% to 68 billion in 2017, and the number of plans supported by the firm's DC unit increased to more than 14,000, up from more than 9,400 in 2016. Total net inflows were 3 billion, up from 2 billion in 2016.

LGIM's revenue totaled 805 million in 2017, up 10% vs. 2016; operating profit grew 9% to 400 million.

Quarterly figures were not available.