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, L&G is one of the UK's leading financial services groups and a major global investor, with £1.1 trillion in total assets under management (as at FY24) of which c. 44% (c. £0.5 trillion) is international.

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

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