Tineke Frikkee, manager of the £2.52bn Newton Higher Income fund, expects BP to resume dividend payments as early as February next year.
L&G has reported its IFRS operating profits grew 34% to £542m for the first half of the year, helped by its strong investment and international arms.
BP has recorded a $17bn (£11bn) loss over the second quarter, one of the largest corporate losses in British history.
UK equity income managers say companies are beginning to pay dividends again, despite research forecasting a decline in UK dividends of 6.5% this year.
Tineke Frikkee grew the dividend on the Newton Higher Income fund by 3.5% in the 12 months to 30 June despite prominent banks, and oil and gas firms slashing their dividends.
BP has spent $2.35bn (£1.5bn) so far cleaning up the oil slick in the Gulf of Mexico, and has paid out $126m in compensation.
BP will not pay dividends for the remainder of the year after being forced to put $20bn (£13.5bn) into a compensation fund for victims of the Gulf of Mexico oil spill.