L&G Asset Management is widening its real estate capabilities for wealth-management portfolios, building on investments in global property firms Proprium and Taurus. The move forms part of a broader effort to strengthen the business it does with wealth clients, according to Ashley Fagan, the firm’s head of distribution for global financial institutions.
L&G agreed in May last year to acquire a 75 per cent stake in global real estate investor Proprium. In October 2024, it also took a stake in Boston-based Taurus Investment Holdings, a global real estate private equity firm. Fagan said the investments expanded L&G’s US and international real estate exposure and capabilities. Proprium, she added, gives clients access to higher-return areas of the market and has an extensive track record.
L&G reported £1.2 trillion ($1.34 trillion) in assets under management in its interim results, including £79 billion in private markets, up 22 per cent. The group recorded core operating profit of £918 million in the first six months of the year. It is due to issue a third-quarter trading update on 16 November. In April, Emiel van den Heiligenberg was promoted to CIO of L&G Asset Management.
Fagan said L&G’s scale and range across index, active fixed income, multi-asset and private markets position it to develop tailored solutions with large, sophisticated wealth intermediaries. She said client behaviour was becoming more “institutional.”
Some investors, Fagan said, may not fully recognise the opportunity cost of holding substantial cash or the potential returns they could miss. Encouraging private-bank clients to move money out of cash remains a challenge in the UK and globally, she said.
Comments (0)
No comments yet. Be the first!