Legal and General's asset management arm sees AUM drop by 4% while private markets platform grows

Profits before tax also fall

Linus Uhlig
clock • 2 min read

Higher interest rates and outflows have caused a 4% fall in assets under management (AUM) at Legal and General’s (L&G) asset management division.

In its full-year results for 2024 released today (12 March), L&G said the 4% drop has seen its AUM decrease from over £1.15trn in the 2023 financial year to just over £1.11trn in 2024.  Outflows of £47.8bn were driven by UK defined benefit (DB) clients continuing "to adjust their portfolios in response to improved funding ratios and execute some one-off tactical asset allocation rebalances", the insurance giant said.  Legal & General to cut jobs in revamped asset management arm Moreover, profits before tax also dropped year-on-year from £325m to £211m and costs increased from £658m...

To continue reading this article...

Join Investment Week for free

  • 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

Join now

 

Already an Investment Week
member?

Login

Linus Uhlig
Author spotlight

Linus Uhlig

Linus Uhlig is a senior reporter at Investment Week

More on Companies

Maven Renovar in turmoil after AGM sees strategy and board rejected

Maven Renovar in turmoil after AGM sees strategy and board rejected

Backlash from shareholders

Patrick Brusnahan
clock 20 June 2025 • 4 min read
Pacific AM snaps up Viewforth team

Pacific AM snaps up Viewforth team

Founder of Viewforth joining too

Patrick Brusnahan
clock 16 June 2025 • 1 min read
Sanlam UK asset management business to fully transfer to Ninety One

Sanlam UK asset management business to fully transfer to Ninety One

First revealed in November 2024

Patrick Brusnahan
clock 13 June 2025 • 1 min read
Trustpilot