Legal & General Investment Management's assets under management increased 9% in the quarter to £441 billion ($687 billion) and 15% for the year ended March 31, according to the company's financial update released Thursday.
LGIM's net inflows for the quarter were £5.5 billion ($8.6 billion), or a 113% increase from the first quarter last year. International net flows reached a record of £6.7 billion, a fivefold increase compared with the £1.2 billion international net flows for the same quarter last year. International assets under management totaled £52 billion as of March 31, up 21% for the quarter and more than double the £20.3 billion reported a year earlier.
LGIM America attracted inflows in LDI and active fixed-income strategies, according to the financial update. Inflows from the international business were partially offset by U.K. outflows, including some “pension payments as a natural consequence of the large stock of mature defined benefit assets,” according to the update.