LGIM sees profits rise marginally as assets swell

Legal & General Investment Management said today its profits had risen to £119m in the first half of 2012, after assets under management climbed 3% to £381bn.

LGIM - the investment arm of the insurance giant - gained net new business of £4bn, up from £3bn last year, while assets under management hit £381bn, up from £371bn. The operating profit was around 2% higher in total, climbing from £117m last year. Elsewhere, the wider business boosted operating profits to £518m in the first six months of the year, up 5% on the same period in 2011. Profit before tax on an IFRS basis was £525m, up 11% on last year. L&G said it is ready to deliver a restricted advice solution for its distribution partners after announcing an increase in half-year pro...