Legal & General (L&G) has sold its offshore bond operation to Canada Life's parent company Great-West Lifeco.
The sale terms of Legal & General International (Ireland) Limited (LGII) were not disclosed. Dublin-based LGII was launch in 2007 and specialises in investment and tax planning for the UK's high net worth market. It has more than 4,000 UK offshore bond policies with assets under administration of £2.5bn. L&G group chief financial officer Mark Gregory said the sale was part of its efforts to dispose of "peripheral assets". He said: "LGII falls outside L&G's focused strategy." Great-West Lifeco president and chief executive Paul Mahon said: "The proposed transaction will enhance the...
To continue reading this article...
Join Investment Week
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
