Legal and General Investment Management, the UK-based asset management firm, reported an increase in total assets under management of 10.8 per cent to £450 billion ($751 billion) for 2013, compared to £406 billion at the end of 2012.

Legal and General Investment Management, the UK-based asset management firm, reported an increase in total assets under management of 10.8 per cent to £450 billion ($751 billion) for 2013, compared to £406 billion at the end of 2012.

In its annual report, the firm said that its gross inflows for 2013 rose 40.1 per cent to £52 billion, up from 37.1 billion in 2012.

External net inflows increased 75 per cent to £9.3 billion for the year, up from £5.3 billion in 2012.

Record net inflows of £15.7 billion were received from international clients in 2013 as LGIM’s international expansion continued to gain momentum, while in the UK, net outflows of £6.4 billion were partly due to pension payments from defined benefit funds as the market continues to mature.

Operating profit increased 12 per cent to £304 million, compared to £272 million the previous year, while total revenue was £594 million, up 11 per cent from £533 million in 2012.

Cofunds, the UK investment platform acquired by LGIM last May, recorded net inflows of £7.9 billion, pushing assets under management up to £64 billion.

Meanwhile, international assets under management increased 37 per cent to £59 billion, up from £43 billion in 2012.

LGIM’s international expansion accelerated as net inflows more than doubled to £15.7 billion, up from £7.8 billion in 2012, helped by strong demand for LGIM America’s LDI and active fixed income capabilities, where net inflows were $7.8 billion.

Commenting on the wider Legal and General group, group executive Nigel Wilson said: "Legal & General moved up another gear in 2013, delivering record financial results and accelerating growth across all areas."

"Disciplined investment in growth, effective management and rigorous cost control has enabled us to more than triple net cash since the financial crisis: it has grown from £320 million in 2008 to £1 billion in 2013. We have grown dividends again by over 20 per cent and due to the strength of the business intend to move dividend cover from 1.8 towards 1.5 times over the next two years," he added.