Legal and General Investment Management, the UK-based asset management firm, said that its net inflows nearly doubled to £5.5 billion (around $8.6 billion), in the first three months to 31 March 2013, up from £2.6 billion in the first quarter of 2012, an increase of 113 per cent.

The firm said in its quarterly report that its assets under management for the first quarter of 2013 stood at £441 billion, compared to £406 billion the same period last year, an increase of 9 per cent - driven by “strong flows” and “positive markets”. International AuM was up 21 per cent, to £52 billion from £43 billion in the first quarter.

Net inflows from international clients reached a record for any quarter, surging to £6.7 billion from £1.2 billion in the first quarter of 2012.

Operational cash saw an increase of 13 per cent to £281 million, compared to £249 million the same period last year, while net cash was up 19 per cent to £249 million from £210 million in the first quarter of 2012.

Meanwhile, gross inflows were up 81 per cent to £13.6 billion in the first quarter of 2013, up from £7.5 billion compared to the same period in 2012. The firm said this was driven by continued demand for LGIM’s index, active fixed and LDI capabilities from international clients, which contributed £7.1 billion (2012: £1.5 billion).

LGIM's acquisition of the remaining 75 per cent of Cofunds, valued as the UK’s largest investment platform at £175 million, will allow the firm to leverage cost savings of £11 million a year from 2015, with a one-off investment of £17 million. At 31 March 2013, the savings business had combined assets under administration, including Cofunds, in excess of £100 billion, the firm said.