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...XTX, one of the world’s biggest proprietary trading and market-making groups, had sought to use Aviva Investors’ and L&G Investment Management’s money-market funds to invest some of its own cash....
Britain’s biggest asset manager buys $250mn of bonds in a sign of growing investor interest in debt-for-nature swaps
...Simões, who joined the business from Santander, replaced Sir Nigel Wilson, L&G’s chief of more than a decade....
...Z.d.G....
...L&G declined to comment....
...L&G sells these to defined benefit pension schemes, capping their risks. A record £25bn have already occurred this year. L&G expects to transact about £11bn itself....
...Meanwhile, state and local (S&L) government construction spending also fell 1 per cent in January, the first monthly decline since August 2022....
...The company’s Ageing Population and Healthcare Innovation ETFs have also fallen out of favour, alongside the L&G Cyber Security Ucits ETF....
...L&G’s retail business was also “bolstered” by rising individual annuity sales....
...L&G dominates bulk UK annuities market with about a quarter of the market. Specialists Pensions Insurance Corporation and Rothesay have a fifth each....
...L&G said that it had written £13.4bn of pension transfer business globally so far this year....
...Its share price and that of bigger rival L&G have snaked sideways for more than a year. Just trades at a 60 per cent discount to book value. Its life insurance peers are closer to parity....
...A serial non-executive director at Tesco and formerly at L&G and the foreign office, Platt joins the new chief executive officer Dan Olley as he attempts to turn the fortunes of Britain’s largest funds supermarket...
...“Higher interest rates are benefiting L&G’s large pension business, and Aviva’s ongoing transformation is reaping rewards,” she said, noting its diversification into wealth management....
Plus, UK banks, Sainsbury’s, Currys, US incomes, L&G, Threads, VW
...“We are expecting a similar number of large transactions to close in the second half of the year,” L&G said....
...If this number were below $5bn Lyft would have a 6 per cent margin, ceteris paribus, though ceteris paribus really isn’t how P&L statements work....
...Even so, Rich Kerr, an attorney who co-leads the digital assets team at law firm K&L Gates, is optimistic that the new crop of spot bitcoin ETFs might be easier to approve than expected....
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...China has already begun construction of a second mega cruise ship....
...A spluttering economy raises concerns over credit quality across L&G’s huge bond portfolio....
...L&G: Shares in the UK-based insurer slipped 4 per cent despite strong annuity sales after it posted a first-half operating profit of £941mn, down 2 per cent year on year....
...L&G’s shares fell more than 2 per cent following the news, against a broadly flat FTSE 100 index....
...Sir Nigel Wilson, chief executive of L&G, said that meeting the UK’s housing needs required “national and local collaboration coupled with modernisation of planning and construction, improvements to funding...
...L&G’s latest Rebuilding Britain Index has found that attempts to “level up” UK regions are failing or stalling and that, in many cases, inequalities have widened....
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