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New business up at L&G

Legal & General (L&G) said today its worldwide new business had increased by 3% against the same quarter last year, as its British unit trusts business also showed growth.

The insurance giant said its worldwide new business was up to £382m against £372m in the first quarter of 2008.

The firm added its funds under management had fallen because of investment market falls, but did not specify figures apart from £7.5 billion of gross new funds, with no figure for outflows.

“It is likely that some pressure on fee income will persist in 2009. However LGIM [Legal & General Investment Management] will remain a strong cash contributor to the group,” L&G said in a statement.

Gross sales of saving products were up 6% to £206m against the same quarter last year.

The group said it was “on track with planned cost reductions” as it announced it was consulting with staff and unions over 560 job cuts.

Meanwhile L&G also appointed Tom Meyers as its head of north American distribution. He previously worked at Wells Capital Management and has 24 years’ experience in the industry.

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