Legal & General Investment Management’s assets under management increased 11.7% to £714.6 billion ($1.1 trillion) for the year ended June 30. AUM was up 0.9% for the six months ended June 30, but decreased 3% for the latest three-month period.
In its half-year financial update Wednesday, LGIM reported third-party net inflows of £13.8 billion for the six months ended June 30, compared to £8.5 billion in net inflows for the same period in 2014. Over the three months ended June 30, net inflows totaled £9.5 billion.
Total international assets under management increased 67.3% for the year ended June 30, with total international third-party net inflows of £5.4 billion over the six months. That compared with £5.8 billion of net inflows for the first six months of 2014. Over the three months ended June 30, international net inflows totaled £4.6 billion.
LGIM said it won its first multibillion-dollar U.S. index contract and was also hired by investors in Japan, Taiwan and South Korea, which are expected to fund in the second half of this year. The firm did not disclose client information.
Compared with assets as of March 31, LGIM’s international assets under management decreased 8.4%.
LGIM said third-party net outflows for its index business totaled £1.2 billion for the six month-period ended June 30, slowing from net outflows of £8.3 billion for the comparable period in 2014. “This was primarily due to better execution on our retention strategy as more clients moved to LGIM’s non-index products as they executed derisking strategies,” the firm said in a statement accompanying the update.
A spokesman for parent group Legal & General could not be reached for comment by press time.