A main part of this was due to international business, which drove net inflows to £15.7m, from £7.8m. However, in the UK the business posted net outflows of £6.4bn.
Legal & General Investment Management (LGIM) grew assets under management by 11% to £450bn, which it attributed to demand for passive and active fixed income strategies.
Operating profit stood at £304m, up nearly 12% from £272m in 2012.
Cofunds, the platform acquired by the group in May 2013, saw assets increase to £64bn. Net inflows were £7.9bn, which includes all of Legal & General’s platform business. Most of these inflows were derived from Cofunds from its date of acquisition. Cofunds’ net inflows for the full year were £10.1bn.
Looking at the year ahead, the group expects increased market demand for its active fixed income capabilities, a trend continuing from the previous year. To expand its international capabilities in this direction the firm agreed to its first US investment management acquisition, Global Index Advisers, in February 2014.
The company stated that as a whole operating profit was up 7% to £1.1m, along with an increase of 22% in its dividend.
