Legal & General Group announced plans to create a single asset management division by merging Legal & General Investment Management (LGIM) and Legal & General Capital (LGC). This move aims to streamline operations and enhance efficiency within the investment management unit.
With £1.2 trillion in assets under management, Legal & General is one of Europe's largest asset managers and a significant global investor across public and private markets. The consolidation of LGIM and LGC will further strengthen the company's position in the industry.
In a strategic decision, Legal & General's investment management unit disclosed its intention to sell its stake in global commodities trader Glencore this year. This divestment aligns with the company's focus on optimizing its investment portfolio for long-term growth.
As part of the restructuring, Legal & General Investment Management will offer its 5.2 million defined contribution (DC) members access to the newly launched L&G Private Markets Access Fund. This initiative aims to provide members with diversified investment options for their retirement savings.
Despite its strong market presence, Legal & General Investment Management has experienced the largest outflows among Europe's exchange traded fund providers this year. The manager is working on strategies to address this issue and regain investor confidence.
Legal & General Group's new five-year strategy includes combining its asset management businesses to create a unified division. This move demonstrates the company's commitment to innovation and adaptability in the ever-evolving financial landscape.
Michelle Scrimgeour, chief executive of Legal & General Investment Management, will step down from her role as part of the strategic realignment. Her departure marks a significant transition for the UK's largest asset manager, with a focus on succession planning and leadership development.
Gregory Corrigan, who has been with LGIM for eight years, has been appointed to lead US equity and FX trading within the company. His experience and expertise will play a crucial role in driving growth and maximizing returns for Legal & General's clients.
