Legal & General Investment Management's assets under management increased 3% to £463 billion ($776.5 billion) for the three months ended March 31, and 5% from a year ago, boosted in particular by growth in international assets, according to its earnings release Thursday.
Total net inflows were £3.8 billion for the three months ended March 31. Subsidiaries outside the U.K. contributed net inflows of £2.6 billion, with strong growth from liability-driven investment and active fixed-income strategies at the firm's U.S. subsidiary, Legal & General Investment Management America.
International assets under management now account for £63.2 billion of the total as of March 31. That is an increase of 21% compared with the same quarter a year earlier.
Assets under management at the firm's solutions business, which includes strategies for defined contribution and defined benefit pension plans, increased 7% to £76.5 billion for the year ended March 31. The DC business increased AUM by 11% to £31.8 billion over the same period.
In a statement accompanying the results, LGIM said it continues to build its U.K. DC business and “invest in its capabilities in order to benefit from the expected growth in the market.”