Breedon revealed LGIM’s plans for Asia during a conference call with journalists earlier this week, when he was responding to questions about the company’s most recent third quarter results.
According to Breedon, Legal & General expects to have a fully operational funds sales arm in Asia by next year, as it looks to expand Legal & General Investment Management, which was originally created to look after the insurance company’s clients’ money.
A company spokesman confirmed late Wednesday that an Asian sales office was planned, and that the company was looking to promote its funds to both the retail and insitutional markets there, but was unable to provide further details.
Breedon added there were no plans to market Legal & General insurance products into Asia at the moment.
He also said L&G would be looking to hire more people for its US distribution operation, but did not elaborate.
In addition to the US, LGIM has sales operations in India.
LGIM Int’l sales rise
LGIM reported a rise of almost 30% in international sales of its funds in the third quarter, to £3.5bn, from £2.7bn in the same period last year, even though inflows for its overall business were down.
To see L&G’s most recent results statement, click here.
