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Legal & General Group plc

10/23/2020 | Press release | Distributed by Public on 10/23/2020 03:30

L&G announces sale of a back-book of retail investment products to Fidelity International

23 Oct 2020

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.

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.

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