Legal & General is to transfer the ownership of its fund management businesses from its long-term fu...
Legal & General is to transfer the ownership of its fund management businesses from its long-term fund to become wholly-owned subsidiaries of the group.
The deal values L&G's various businesses at £550m-£600m. These include L&G Investment Management, L&G General Portfolio Managers, L&G Assurance (Pensions Management) and L&G Unit Trust Managers. The group has issued a convertible bond of £500m to finance the deal, of which £400m will be injected into L&G's long-term fund.
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