Legal & General's fund-management arm said today that the amount of risk-hedging work it did for UK pension funds rose by a third last year to £41bn, as closed final-salary schemes continued to shift to safer investments following the market turmoil of recent years.
The boom in these products helped lift Legal & General Investment Management's operating profits from £172m in 2009 to £206m in 2010, it said today. Total funds under management rose from £315bn to £354bn.
