|Bid||268.50 x 0|
|Ask||268.60 x 0|
|Day's Range||267.40 - 271.20|
|52 Week Range||221.80 - 292.30|
|Beta (3Y Monthly)||0.92|
|PE Ratio (TTM)||8.80|
|Earnings Date||Aug 7, 2019|
|Forward Dividend & Yield||0.16 (6.05%)|
|1y Target Est||288.79|
The closing auction — a window of just five minutes — is becoming the most heavily traded part of the day, a shift that has driven a wedge between investors, banks, exchanges and regulators.
Today we'll take a closer look at Legal & General Group Plc (LON:LGEN) from a dividend investor's perspective. Owning...
(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.A former senior fund manager at Legal & General Group Plc said that the British asset manager retaliated against him after he blew the whistle on "market abuse" and conflicts of interest among managers.Shahzada Omar Saeed, who managed a number of debt funds for Legal & General, said he was forced to resign last month and is bringing a whistle-blowing claim in a London court. Fund managers on the fixed-income team were trading ahead of each other on new bond issues at the expense of clients, he said, and when he warned executives he was "unfairly penalized and picked on."Regulators at the Financial Conduct Authority have placed whistle-blowing, and the protection of those raising the alarm, at the heart of efforts to avoid misconduct and scandals since the financial crisis. But at Legal & General, whistle-blowers were seen to be divisive, Saeed said, comparing his treatment with a case involving Barclays Plc Chief Executive Officer Jes Staley, who was fined for attempting to unmask an employee."I believe that attitude, which is clearly a deeply-felt institutional attitude, places serious question marks around the regulatory fitness and propriety under FCA rules" of the company’s senior staff, Saeed said in a filing for a court hearing earlier this week.Legal & General properly investigated Saeed’s concerns, the firm said in a court filing. The probe "revealed areas in which there was room for improvement," Legal & General said, but "there was no suggestion of any unlawful or improper or otherwise sinister activity."The 1 trillion-pound ($1.3 trillion) asset manager said in a statement that it told the FCA of the complaints and "kept them fully informed throughout.""We do not accept the allegations made and we believe that the picture presented of our culture is not one recognized by our employees or our clients," the firm said.PerformanceSaeed, who ran funds including the Dynamic Bond Trust, was a poor performer who was likely to have been fired anyway, the firm said. "Rather than reflect upon his responsibility for his fund’s poor performance, he chose to attack co-workers," Legal & General said.But Saeed argued that his performance was "reasonably good," noting that his fund had been in the top quartile in 2015, before it dipped in 2016 and recovered the following year. The fund manager, who started in February 2015, was on a base salary of 157,000 pounds.The atmosphere within the Active Fixed Income team was "toxic," a Legal & General manager found while investigating Saeed’s complaint, according to Saeed’s court filing. The fund manager also named Anton Eser, the firm’s chief investment officer, as well as manager Colin Reedie, and colleagues Uday Patnaik and Julien Houdain as defendants in his employment claim.Saeed said in the court filing that he was "bullied and micromanaged" by Eser. The company said it rejected his complaints of bullying conduct."I was subjected to mockery and name calling by other members of the team, including repeatedly being called Anton’s secretary," Saeed said. The fund manager also said he was subjected to "obscene hand gestures mocking the fact that I was being screwed by Anton."Saeed "has built his career in an environment where success is well rewarded and failure is commonly met with a swift move towards termination of employment," Legal & General said.To contact the reporter on this story: Jonathan Browning in London at firstname.lastname@example.orgTo contact the editors responsible for this story: Anthony Aarons at email@example.com, Christopher Elser, Keith CampbellFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
British insurer Legal & General has announced plans to invest up to 4 billion pounds ($5.07 billion) in a 10-year house-building partnership with the University of Oxford. Legal & General said its investment, derived from its shareholder, annuity and managed funds, would go towards developing an initial 3,000 homes for university staff, graduates and the general market. The company has formed a 50:50 partnership with the university on the project and said it could replicate the joint venture with other academic institutions in the future.
Let's talk about the popular Legal & General Group Plc (LON:LGEN). The company's shares saw significant share price...
Legal & General Group Plc (LON:LGEN) saw significant share price movement during recent months on the LSE, rising to...
Britain's biggest asset manager has removed ExxonMobil and four more companies from its 5 billion pounds ($6.3 billion) Future World funds, and said it would vote against their chairs for failing to confront the threats posed by climate change. Legal & General Investment Management (LGIM), the fund arm of insurer Legal & General which has 1 trillion pounds under management, has been among the most vocal asset managers on climate risks, and will also divest from Hormel Foods , Korea Electric Power Corp, Kroger and Metlife.
British insurer Legal & General has teamed up with Amazon to establish what it said is the first blockchain system for corporate pension deals. The insurer said it would use a managed blockchain system launched by Amazon Web Services (AWS) to handle bulk annuities, which involve Legal & General taking over companies' defined benefit or final salary pension schemes. Blockchain suits "the long-term nature of annuities business as it allows data and transactions to be signed, recorded and maintained in a permanent and secure nature over the lifetime of these contracts, which can span over 50 years," Thomas Olunloyo, CEO of Legal & General Reinsurance said.
I've been keeping an eye on Legal & General Group Plc (LON:LGEN) because I'm attracted to its fundamentals. Looking at...
** Casino and gaming operator Rank Group Plc said that it was in advanced discussions over a possible all cash offer for smaller online peer Stride Gaming Plc. ** French energy group Total has reach a deal to buy Toshiba's U.S. liquified natural gas business, a source familiar with the matter said. ** Private equity firm TPG is looking to acquire senior living communities operator Capital Senior Living Corp, Bloomberg reported, citing people with knowledge of the matter.
Legal & General Investment Management, one of the biggest institutional investors in embattled lender Metro Bank, said it plans to vote against the chairman and other board members at the company's annual meeting. LGIM, part of insurer Legal & General, said it had "long-standing concerns" about Metro Bank for its lack of independent directors, poor gender diversity, pay structure and failure by the company to manage conflicts of interest. After voting against the re-election of the chairman and approval of the pay report last year, this time round LGIM said it would vote against the Chair, members of the Audit Committee and directors with whom it has independence concerns.
Britain's company pension schemes, grappling with ageing former employees and low investment returns, may start to transfer their assets into new so-called superfunds in the coming weeks, according to people involved in the process. There are around 2 trillion pounds in more than 5,000 UK private defined benefit, or final salary pension schemes. Nearly two-thirds are in deficit, putting a burden on companies looking to strike merger deals or restructure debt.
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Jul.18 -- John Roe, head of multi-asset funds at Legal & General Investment Management, discusses gold and what the world’s best currency to be holding for safety. He speaks on “Bloomberg Markets: European Open.”