11th Sep 2015 12:36
LONDON (Alliance News) - FTSE 100 life insurer and investment manager Legal & General Group PLC on Friday said it has agreed a mandate to manage GBP13 billion in assets for the National Grid UK Pension Scheme.
Under the terms of the deal, L&G also will acquire Aerion Fund Management, the in-house manager of the scheme, subject to regulatory approval. No financial details were provided on the Aerion deal.
L&G said it expects the deal to complete by the end of the year.
Shares in L&G were down 0.7% to 252.90 pence on Friday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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