Legal & General Sees Assets Decline Amid Higher Interest Rates

Legal & General Group Plc saw assets slip to £1.6 trillion ($2 trillion) in 2023 as the UK money manager contended with some outflows in its investment management assets.

Average assets under management were 12% lower year-on-year, according to a statement Wednesday. LGIM delivered an operating profit of £274 million, down from £340 million in 2022, reflecting the impact of higher interest rates on the value of assets.

The latest numbers — the first presented by Antonio Simoes, who took over as chief executive officer in January — mark a continued deterioration in the firm’s assets after it posted ...