Legal & General plans job cuts in asset management unit [Yahoo! Finance]
LEGAL&GENL GRP PLC S/ADR (LGGNY)
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Source: Yahoo! Finance
The move could see up to 20 investment roles and several support positions made redundant, according to people close to the process. Employing more than 12,000 people, L&G is in the midst of restructuring initiated in June 2024 by CEO António Simões. A unified asset management division was formed by merging UK's asset manager Legal & General Investment Management with Legal & General Capital, which focuses on alternative assets like infrastructure and clean energy. In June 2024, Simões said that there were ways to avoid duplicate costs between the two units, but this wouldn't involve cutting jobs. At that time, Simões said: “This is a growth plan and we are investing to expand the business, so this is not about redundancies.” L&G targets operating profits between £500m and £600m by 2028 for its asset management business. The company, which managing assets worth over £1.1tn, also plans to grow its private markets portfolio from £52bn to £85bn. The restructuring led to th
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