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Authorized & Normal (L&G) noticed its personal markets property underneath administration (AUM) improve by 8.3 per cent year-on-year to £52bn within the first half, because it heads in the direction of its £85bn goal by 2028.
The FTSE 100 insurance coverage and investments group introduced in June that it was merging Authorized & Normal Funding Administration (LGIM) and Authorized & Normal Capital (LGC) to create a new asset administration division, of which personal markets can be a key focus.
Learn extra: LGIM launches personal credit score fund on new European platform
The agency’s general outcomes had been secure, with core working revenue up 0.6 per cent year-on-year to £849m, from £844m on the finish of the primary half in 2023. This was forward of the agency’s personal estimate of £834m.
Pre-tax revenue fell from £393m to £316m.
General AUM got here in at £1,136bn, down from £1,170bn on the finish of the primary half in 2023.
The agency reported interim dividends per share of 6p, up from 5.71p.
Learn extra: Non-public credit score “tidal wave” of defaults by no means materialised
Wanting forward, L&G stated that personal markets will likely be a serious driver of asset administration development each instantly in L&G and thru its origination companions corresponding to Pemberton.
“We will entry and originate differentiated funding alternatives in personal credit score, actual property and infrastructure for our shoppers and for our annuity steadiness sheet because it grows,” the agency added.
L&G additionally stated that it’s increasing its personal markets capabilities within the US, by the creation of an actual property fairness platform.
Learn extra: Abrdn sees personal credit score property develop to £8.8bn in H1
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