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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Legal & General Plc    LGEN   GB0005603997

LEGAL & GENERAL PLC

(LGEN)
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Legal & General : L&G announces sale of a back-book of retail investment products to Fidelity International

10/23/2020 | 05:35am EST

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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Disclaimer

Legal & General Group plc published this content on 23 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 October 2020 09:34:05 UTC


© Publicnow 2020
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Sales 2020 8 207 M 10 964 M 10 964 M
Net income 2020 1 459 M 1 949 M 1 949 M
Net Debt 2020 4 027 M 5 380 M 5 380 M
P/E ratio 2020 9,75x
Yield 2020 7,00%
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Technical analysis trends LEGAL & GENERAL PLC
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Mean consensus OUTPERFORM
Number of Analysts 17
Average target price 265,24 GBX
Last Close Price 252,70 GBX
Spread / Highest target 33,8%
Spread / Average Target 4,96%
Spread / Lowest Target -34,7%
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Managers
NameTitle
Nigel David Wilson Group Chief Executive Officer & Executive Director
John Kingman Chairman
Jeff Davies Group Chief Financial Officer & Executive Director
Julia Susan Wilson Senior Independent Non-Executive Director
Lesley Mary Samuel Knox Independent Non-Executive Director
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