London-listed Legal & General reported a solid set of results for its asset management arm over the three months to the end of September.

Legal & General Investment Management boosted its assets under management by eight per cent year-on-year to £717 billion ($1.1 trillion) over the third quarter.

Notably, its total international assets under management jumped 63 per cent to 117.8 billion. In the US, assets under management more than doubled from $54.4 billion to $117 billion. The group said in the results statement that LGIM is now the 15th largest asset manager globally. 

The division generated net flows of £21.7 billion during the quarter versus £8.3 billion in the same period of 2014. This includes mandates from the US, China, Korea and Taiwan and excludes the £13 billion of assets from the National Grid Pension Scheme transferring this month. 

Meanwhile, UK Defined Contribution pension assets under management stood at £43 billion amid recently introduced British pension freedoms. For LGIM's property business, net inflows grew marginally from £500 million to £600 million while assets under management increased 26 per cent year-on-year to £16.6 billion.

For Legal & General as a whole, net cash was up 14 per cent at £943 million. The group delivered a new business surplus of £7 million.

"External political and regulatory uncertainties remain, but we believe that by aligning our strategy to macro trends we have created a high degree of resilience in our business model and are well positioned for further growth," said Legal & General's group chief executive, Nigel Wilson.