LGIM assets grow by 8% in Q1

Legal & General Investment Management (LGIM) has grown its assets 8% in the first quarter after achieving gross new business of £11bn.

The sharp rise in new business lifted assets under management to £356bn in total, the group said. Savings assets also grew 12% to £65bn. Tim Breedon (pictured), group chief executive, said: "The business has grown 18% in net cash generation and worldwide sales are up 12%." Elsewhere annuity sales were down in the face of weaker market volumes, the group said. Breedon added the group was also making good progress on a number of key projects. "The US capital management programme is proceeding to plan and international new business in LGIM is ahead of our plans," he said. "Ro...