Legal & General launches U.S. index fund arm

LONDON Wed Dec 3, 2014 5:42am EST

LONDON Dec 3 (Reuters) - British insurer Legal & General has launched a U.S. index fund management business, the U.S. unit said, as it looks to capture some of the growing U.S. passive fund market.

The firm plans to focus on core fixed income and liability-driven offerings - generally aimed at pension funds and insurers with longer-term liabilities - it said in a statement released late on Tuesday.

L&G's UK investment arm, Legal & General Investment Management, manages more than $466 billion in index, or passive, funds.

The U.S. operation has recently taken on $60 billion in pension assets from LGIM, more than doubling its assets under operation, it added.

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