L&G announces sale of a back-book of retail investment products
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 (Fidelity).
This will not impact LGIM’s intermediary retail business, clients or associated 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's large scale administration and the LGIM investment expertise that they chose.
Today’s announcement marks the start of a process building towards completion which will take place in the coming 12 months. We will be writing to our customers to let them know what this means for them and the options available, and in the meantime we would expect to see no change in our support of any of their enquiries and our ongoing servicing.