L&G’s US strategy is based on using its two big existing businesses as a foundation for developing a third. The first is Legal & General Investment Management, which has been in the US since 2009 and manages £127bn of US assets for more than 300 clients. It is carving out a niche in helping corporate pension schemes to match their assets with their liabilities. “If LGIM didn’t exist it would be a lot harder for Legal & General to grow in the US,” says Abid Hussain, analyst at Credit Suisse. “LGIM is quite big and well known there and already has relationships with corporate pension schemes. It provides Legal & General with a natural flow of information.

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