Legal & General profits jump 10% as war chest swells

L&G's net cash pile has tripled since the financial crisis, growing from £320m in 2008 to £1bn in 2013. It used some of that war chest to purchase platform Cofunds last year, and has already snapped up a US investment adviser so far this year. Pre-tax profits at the group rose 10% last year to £1.13bn, helped by net inflows of £17bn including £9bn in LGIM and £8bn into Cofunds. LGIM now has £450bn of AUM, up 11% from £406bn in 2012, lifted partly by rising equity markets. Operating profit for this side of the business rose 12% o £304m in 2013, up from £272m the year before. Cofu...