Legal and General completes US investment firm deal

20th May 2014 07:10

Legal and General said it has completed the acquisition of Global Index Advisors, boosting the UK insurer's foothold in the US pension market. The deal, by Legal and General Investment Management America (LGIMA), is for an initial payment of $30.75m with deferred consideration of $1.5m payable over two years from the date of completion. It is Legal and General's first US investment management takeover.Further payments of up to a maximum of $18.15m will be made over three years from the date of completion, subject to performance and other conditions, the group explained in a company statement.Chief Executive Officer, Legal and General Investment Management Mark Zinkula said: "This transaction now means LGIMA's proforma assets exceed $60bn, placing us in an excellent position to grow our DC assets in the US market and accelerating LGIM's already strong international growth."Atlanta-based GIA is an investment adviser that specialises on target date funds (TDF). TDF assets in the US are forecast to double by 2017, the company said. CJ