30 November 2015

Legal & General Investment Management extends relationship with 'The Shires' LGPS group with new £6.5bn pooled passive mandate

Legal & General Investment Management ('LGIM') is pleased to confirm its appointment to manage an important and sizeable passive mandate for a group of seven Local Government Pension Schemes ('LGPS') comprising of Cheshire, Leicestershire, Nottinghamshire, Shropshire, Staffordshire, Warwickshire and Worcestershire ('The Shires').

At a time when administering authorities are looking to deliver significantly reduced costs while maintaining overall investment performance LGIM, the UK's largest pension fund manager, has been able to provide the right services at the right price for 'The Shires'. LGIM responded rapidly to a demanding timetable for discussion, transition, and implementation of the new arrangements. This is helped by LGIM's current index mandates with certain members of the group, valued at approximately £3.9bn. LGIM manage in total £35.8bn for 53 Local Government Pension Schemes (as at 30 Sept 2015.)

Sarah Aitken, Head of Distribution at LGIM, said:

'We are delighted to have secured this appointment which extends our relationship with this very important group of authorities. LGIM's pooled passive mandates can offer our clients a route to significant benefits of scale without compromising their individual investment and funding goals. We look forward to future discussions with other authorities as initiatives to deliver best value to taxpayers, Scheme members and employers continue into 2016'.

James Sparshott, Head of Local Authorities at LGIM said:

'We'd like to thank bfinance for running a detailed search in such an efficient way which has clearly worked to the benefit of our clients.'

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For further information, please contact:

Name: Richard King

Title: Head of Group Corporate Communications

Email: richard.king@group.landg.com

Notes to editors:

LEGAL & GENERAL INVESTMENT MANAGEMENT:

Legal & General Investment Management (LGIM) is one of Europe's largest institutional asset managers and a major global investor. LGIM manages £717 billion in total assets for more than 3,000 clients*. Throughout the past 40 years we have built our business through understanding what matters most to our clients and transforming this insight into valuable, accessible investment products and solutions. We provide investment expertise across a full spectrum of asset classes including equities, fixed income, commercial property and cash. Our capabilities range from index-tracking and active strategies to liquidity management and liability-based risk management solutions.

*As at 30 September 2015; total assets include assets under management, notional derivative positions and advisory assets.

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