LGEN.L - Legal & General Group Plc

LSE - LSE Delayed Price. Currency in GBp
269.20
+0.10 (+0.04%)
At close: 4:38PM BST
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Previous Close269.10
Open269.00
Bid268.50 x 0
Ask268.60 x 0
Day's Range267.40 - 271.20
52 Week Range221.80 - 292.30
Volume7,550,656
Avg. Volume16,405,310
Market Cap16.056B
Beta (3Y Monthly)0.92
PE Ratio (TTM)8.80
EPS (TTM)30.60
Earnings DateAug 7, 2019
Forward Dividend & Yield0.16 (6.05%)
Ex-Dividend Date2019-04-25
1y Target Est288.79
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  • Bloomberg18 days ago

    Legal & General Whistle-Blower Says Fund Retaliated Against Him

    (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 jbrowning9@bloomberg.netTo contact the editors responsible for this story: Anthony Aarons at aaarons@bloomberg.net, Christopher Elser, Keith CampbellFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Reuters25 days ago

    UPDATE 1-Legal & General strikes $5 bln house-building JV with Oxford University

    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.

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  • Reuterslast month

    UPDATE 2-Investor LGIM dumps ExxonMobil from its Future World funds

    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.

  • Thomson Reuters StreetEventslast month

    Edited Transcript of LGEN.L earnings conference call or presentation 9-Aug-17 8:30am GMT

    Half Year 2017 Legal & General Group PLC Earnings Call

  • UK insurer Legal & General picks Amazon for first pensions blockchain deal
    Reuterslast month

    UK insurer Legal & General picks Amazon for first pensions blockchain deal

    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.

  • Brief Commentary On Legal & General Group Plc's (LON:LGEN) Fundamentals
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  • Reuters2 months ago

    Deals of the day-Mergers and acquisitions

    ** 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.

  • Reuters2 months ago

    Legal & General's fund arm to vote against Metro Bank chair

    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.

  • New 'superfunds' gear up to manage Britain's deficit-ridden pensions
    Reuters2 months ago

    New 'superfunds' gear up to manage Britain's deficit-ridden pensions

    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.

  • Legal & General Group Plc (LON:LGEN) Delivered A Better ROE Than Its Industry
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  • We Wouldn’t Buy Gold at These Levels, Says Legal & General’s Roe
    Bloomberg4 days ago

    We Wouldn’t Buy Gold at These Levels, Says Legal & General’s Roe

    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.”