Legal & General IM rolls out pan-European wholesale capability

Legal & General Investment Management (LGIM), the UK’s biggest institutional investor is set to take a prominent role in Continental Europe’s wholesale market by the end of the year, starting with the roll out of sub-funds to its Luxembourg Sicav.

LGIM has some €505bn in AUM as an institutional investor, and is one of the biggest investors in the London Stock Market.

The move to target a wider wholesale market is intended to leverage the skills developed in serving the institutional market.

Mike Craston, head of LGIM’s Global Institutional Business said that the investment manager had received approval from Luxembourg’s financial regulator Commission de Surveillance du Secteur Financier (CSSF) for its first Sicav as well as three underlying funds.

CSSF approval for a further five funds is expected by the end of 2013, while LGIM is also working on registering the funds in 12 other European markets.

Craston said that LGIM would target its business focus on investors looking for active fixed income capabilities.

“There has been significant interest from global financial institutions in the UK, Germany and Switzerland and pension funds in the Nordics region wanting to gain access to our active credit and absolute return type strategies, which are already successfully marketed to institutional clients in the UK,” Craston said.

LGIM claims existing distribution capabilities in the Netherlands, France, Ireland, Germany and the Nordics. It said that other appointments will be made through 2014, along with further details of its European expansion.

“These are very mature, diverse and well-developed markets. Our expansion plans will be focused, targeting global and regional banks, where we are looking to add our products to their platforms, and additionally the institutional market,” Craston said.


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