Legal & General has agreed to acquire US investment group Global Index Advisors in a $50m deal.
The group's first US acquisition sees it take on GIA, an Atlanta-based investment adviser focusing on target date funds, through its subsidiary Legal & General Investment Management America. The deal, which will see L&G pay up to $50.4m for GIA, is expected to complete by mid 2014, subject to fund shareholder approval. The new acquisition will swell its assets beyond $50bn. Legal & General said it has identified international expansion of asset management as one of its five key themes for growth. This acquisition will give it scale and distribution in the $6tn US defined contribution...
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