LGIM new business soars by 56% in Q1

Legal & General's (L&G) investment arm increased inflows by over 50% in Q1, helped by recovering markets says the company.

LGIM continued to win new business in 2010, with £10.9bn of gross inflows in Q1 2010, up £3.9bn on Q1 2009. The group says higher inflows and recovering markets helped LGIM grow assets under management by £15bn during the first three months of the year to £330bn, up 32% from £250bn a year ago. Across L&G, new UK savings business was up 30%, rising to £267m in Q1 2010, from £206m during the same period last year. However, IFA business fell in percentage terms in Q1 2010, although sales increased. IFAs generated £208m in sales over the period compared to £191m in Q1 2009, but this...