Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guides
Guidance and tools
Shares
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks Stock plan guidance
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
Legal & General inks strategic partnership with Blackstone
(Sharecast News) - Legal & General announced a strategic partnership with Blackstone on Thursday, aimed at strengthening its annuities business and expanding its global asset management proposition. The FTSE 100 company said the collaboration would see it tap into Blackstone's vast private credit origination network to access a diversified pipeline of predominantly US-based, investment-grade assets.
Under the agreement, L&G said it would invest up to 10% of anticipated annuities new business flows through Blackstone's platform.
The move was intended to bolster returns and support L&G's growth ambitions, while complementing its existing asset origination capabilities.
L&G group chief executive officer António Simões said the tie-up would enhance shareholder returns and support sustainable growth.
"Complementing L&G's own insurance, investment and asset origination capabilities, our partnership with Blackstone will further cement our market leading position in pension risk transfer, and enable us to address growing demand for public-private hybrid investment products."
Blackstone currently manages $237bn in third-party insurance assets across private and liquid credit strategies.
At the same time, the two firms would develop hybrid public-private credit products by combining Blackstone's private credit expertise with L&G's fixed income capabilities, in a bid to accelerate L&G's expansion into global wealth and wholesale markets.
The deal would bring together L&G's £92bn annuities book and £1.1trn in assets under management with Blackstone's $465bn credit platform.
"We're thrilled to partner with L&G, a world-class firm with strong performance that we have long admired," said Blackstone president and chief operating officer Jon Gray.
"Together, our two firms' unmatched scale and expertise should drive innovative solutions in the private credit market."
Eric Adler, CEO of L&G's asset management arm, added: "This partnership brings together the combined strengths of L&G and Blackstone's respective credit businesses, to offer new, innovative investment solutions and extend our international reach."
At 0930 BST, shares in Legal & General Group were up 0.9% at 253.16p.
Reporting by Josh White for Sharecast.com.
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity, Equity & Inclusion | Diversity, Equity & Inclusion Reports | Doing Business with Fidelity | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Staying secure | Statutory and Regulatory disclosures | Whistleblowing programme
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.
