Press release

L&G announces sale of a back-book of retail investment products to Fidelity International

Legal & General Group plc (“the Group”) announces that it has today agreed the sale of a book of retail investment products within the L&G Personal Investing business to Fidelity International Ltd.

23 Oct 2020

Full press release

This back-book comprises c.300,000 customers and c£5.8bn of AUM held in legacy ISA, Junior ISA and General Investment account products that are invested in LGIM funds. This sale will not impact LGIM’s intermediary retail business, clients or associated pension and investment products which will continue to operate as normal.

On transfer, customers will remain invested in Legal & General Investment Management (“LGIM”) funds for which LGIM will continue to earn an investment management fee. The transaction therefore gives customers the best of Fidelity International’s large scale administration and the LGIM investment expertise that they chose.

The transaction is expected to complete in the next 12 months.

The impact of this transaction on Group earnings and solvency is non-material.

Further information

Ed Houghton

Group Strategy & Investor Relations Director

Email Ed Houghton

Alyssa Manning

Investor Relations Director

Email Alyssa Manning

Sujee Rajah

Director

Investor Relations

Email Sujee Rajah

John Godfrey

Director of Levelling Up

Group Communications

T: 020 3124 2090Email John Godfrey

Graeme Wilson

Teneo

T: +44 (0)7720 414235Email Graeme Wilson

Notes to editors

Established in 1836, Legal & General is one of the UK's leading financial services groups and a major global investor, with £1.2 trillion in total assets under management (as at HY24) of which c40% (circa £0.5 trillion) is international.

We have a highly synergistic business model, which continues to drive strong returns. We are a leading international player in Institutional Retirement, in Retail Savings and Protection, and in both public and private markets through our Asset Management division. Across the Group, we are committed to responsible investing and dedicated to serving the long-term savings and investment needs of customers and society.

Related content

Photograph of exterior of residential home against a blue sky

Press release

L&G bolsters Private Markets platform with equity stake in Taurus and commits up to $200m to high growth real estate sectors in the US

This long-term partnership further deepens L&G’s Private Markets capabilities in the region, whilst addressing investor demand for real estate equity exposure. At its Capital Markets Event in June, L&G said it aimed to expand its global Private Markets platform to £85bn ($112bn) AUM by 2028.

Image of a key on the front door of the house

Press release

Damp and asbestos most common ‘hidden’ issues missed by buyers skipping home surveys, reveals Legal & General Surveying Services

Damp (22%) and asbestos (18%) are the two most common ‘hidden’ issues for those who do not opt for a home survey.

Aerial shot of a neighbourhood of red brick houses.

Press release

Greater Manchester Pension Fund partners with Legal & General to deliver affordable housing in North West England

Greater Manchester Pension Fund (“GMPF”) have invested £100m into an investment fund developed and managed by Legal and General (“L&G”) to deliver much-needed affordable homes across North West England.