Legal & General Investment Management saw its international assets increase by 45% over the year ending September to £86.5 billion (€110.4 billion), a growth rate that by far outpaces that of its total assets under management.
The UK asset manager reports that its total assets under management increased by 14% to £676.3 billion over the past year ending September, a result of inflows and positive performance.
This compares to £594 billion over the same period last year.
Legal & General Investment Management says the business is now positioned to capitalise on the de-risking trend among UK defined benefit pension schemes, and to meet its clients’ changing requirements, but its international assets increased by 45% to £86.5 billion.
“We are creating innovative new products relevant for our defined contribution clients,” Mark Zinkula, chief executive officer, says. “In particular, we’re expanding our multi-asset capabilities, with existing products growing rapidly and new products in the pipeline.”
Zinkula adds: “Internationally, our US business continues to gather momentum as we extend our distribution capabilities and experience continued demand for our liability-driven investment and active fixed income products.”
In a similar trend of UK asset managers attracting international money, Standard Life Investments reported in August that its third-party inflows from overseas clients increased from 3% to 57% over the past decade.
Its chief executive Keith Skeoch then described the past decade as a “defining” one.
The asset management arm of Edinburgh-based insurer Standard Life reported that these assets had increased over six-fold from £15.9 billion to £108 billion.
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