Legal & General (L&G) has reported that its investment arm, LGIM, has taken in gross inflows of £15.4bn in the third quarter of the year,an increase of 71% on last year.
Year to date gross LGIM inflows are up 65% to £42.1bn, putting total assets under management at £443bn.
LGIM's retail business continued to benefit from the growth in retail passive funds, due to greater pricing transparency following the implementation of the Retail Distribution Review (RDR), L&G said.
Platform Cofunds achieved net inflows of £3.3bn in Q3, and as a result assets under administration on the platform increased to £58.3bn, compared to £53.7bn in H1 2013.
L&G said volumes from its banks and building society partners onto the platform "continue to be challenged" following the implementation of the RDR.
As a result net flows on the Investor Portfolio Service (IPS) platform, included within Cofunds, were £0.1bn in Q3 down from £0.2bn in the same quarter last year.
On L&G's retirement side, individual annuity premiums in Q3 reduced by 8% to £323m.
Total annuity assets under management increased to £34.4bn, reflecting net inflows (premiums received less annuity payments) of £1.8bn for Q3 2013.
L&G's SIPP business, Suffolk Life, now has assets under administration of £6.1bn up from £5.7bn for the half year, with net flows of £0.3bn in Q3 up from £0.2bn for the same quarter last year.
L&G group chief executive Nigel Wilson said:
"Another strong quarter for Legal & General with gross inflows and premiums well ahead of 2012. All divisions contributed to our broad-based growth. We are executing well and at pace; four acquisitions have been successfully completed and net cash is up 20%.
"We are known for providing value for our 8 million customers and are working closely with government and regulators to help customers get the best possible deal.
"LGIM, whose fees average just over 0.1% and Cofunds, whose platform fees are less than 0.3%, offer outstanding value to both institutional and retail customers.
"We have capped auto enrolment charges at 50bps - and we believe nobody saving for a workplace pension in standard default funds should have to pay more than this. The government's proposed 75bps cap needs to be strengthened in our opinion: reducing it to 50bps could benefit pension savers by tens of thousands of pounds over a working lifetime."
Paul Bruns and Elaine Parkes
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