This backbook includes approximately 300,000 clients and approximately £5.8 billion of assets under management held in ISA, Junior ISA and General Investment Account products invested in LGIM funds. This sale will not affect LGIM`s midstream business, its clients or its related retirement and investment products, which will continue to operate normally. One shareholder called L&G`s sale of the retail arm a “disgrace” and complained that L&G had provided little information about the transaction, other than writing that its benefits would be lost. The backbook consists of approximately 300,000 clients and contains £5.8 billion of assets under management held in legacy ISAs, junior ISAs and general investment accounts and invested in Legal & General Investment Management (LGIM) funds. Upon transfer to Fidelity, all affected clients will continue to invest in LGIM funds and the Company will continue to charge investment fees. Value valuation: Legal & General UK Alpha Trust met its target “well below” target L&G described the sale as “the best of Fidelity International`s extensive management and LGIM investment”. Legal & General Group plc (“the Group”) announces that it has today agreed to sell to Fidelity International Ltd a portfolio of retail investment products within L&G`s Personal Investments business. Hollands said the sale of LGIM books is the latest example of fund managers deciding that it may be easier to manage clients directly or manage funds – rather than doing both. The transaction includes assets under management of $5.8 billion. GBP held in individual savings accounts (Isas), junior ISAS and general investment products invested in Legal & General Investment Management (LGIM) funds. These assets are held in “legacy” ISAs, junior ISAs and general investment accounts that are invested in legal and general funds and in which clients remain invested at the time of change.
Sipp assets are not included in the transaction. L&G said retail investors, shareholders and employees would be treated equally after the transaction. For your investment(s) with Fidelity, you can contact them on 0800 358 0751. At the time of the transfer, clients will continue to invest in Legal & General Investment Management (“LGIM”) funds, for which LGIM will continue to charge investment management fees. The transaction offers clients the best of Fidelity International`s extensive LGIM management and investment expertise they have chosen. Keep in mind that the value of your investment and the income from it can go down as well as up and are not guaranteed. You can get back less than you invest. Tax regulations may change in the future and their tax benefits depend on your personal situation. If the transfer relates to your investment(s), you received an information package prior to the transfer of your account, and if you previously managed your legal investment(s) online via My Account, the value of your investment(s) will now be displayed as £0.00. After you transfer your investments, Fidelity will send you a welcome package within 2 weeks of the transfer, including details on how to access your investments. If you still hold investments directly with Legal & General, you can always contact us if you have any questions about your investments.
You can always contact us if you have any questions about the transfer or if you need details about historical transactions made during your stay as a legal and general client. David Braithwaite says the change means nothing to account holders unless they want to. “You can continue in the same fund as before,” he says, “but if you don`t regularly look at your funds and actively manage them (most people don`t), it shouldn`t cause you any problem other than a name and stationery change when they send you explanations,” he says. From the date of transfer, Fidelity will manage your investments, including the cash available to you. The agreement, worth 5.8 billion. Pound to double Fidelity`s personal client base Fidelity said legal and corporate clients will benefit from access to the full power of its investment and retirement platform, which includes a range of more than 3,000 funds, stocks, mutual funds and exchange-traded funds. The acquisition follows Fidelity`s acquisition of Cavendish Online, which will also be part of the D2C platform as Fidelity seeks to grow in the UK direct investment market. The transaction, which is expected to close over the next 12 months, will move nearly 300,000 clients with £5.8 billion of assets under management to the Fidelity platform. The transfer of all interests in Fidelity held by our affected clients was completed on December 4, 2021.
If you invested with Legal & General before this date, you may be affected by this transfer. The deal follows Fidelity`s acquisition of Cavendish Online earlier this month. Cavendish`s 30,000 clients with £900 million in assets will join Fidelity next month, which has 280,000 clients with £20.3 billion in assets on its platform. Note: Our self-invested personal pension plan (SIPP) and company pension plans have not been transferred to Fidelity. If you hold one of these investments, they will not be affected by this transfer. Founded in 1836, Legal & General is one of the UK`s leading financial services groups and a major global investor with over £1.4 trillion in assets under management*, a third of which is international. We also offer powerful asset creation capabilities. Together, they underpin our industry-leading pension and security solutions: we are a leading international player in pension transfer, life insurance in the UK and the US, and occupational pensions and retirement income in the UK. Through inclusive capitalism, we want to build a better society by investing in long-term assets that benefit everyone. “Our platform is designed to help investors achieve their long-term financial goals, and we provide advice and support at every stage of life. We look forward to welcoming LGIM clients and helping them achieve their financial goals.
This is not financial or investment advice. Remember to do your own research and speak to a professional advisor before parting with the money. *LGIM internal data as of December 31, 2020. Assets under management include assets under management by LGIM in the UK, LGIMA in the US and LGIM Asia in Hong Kong. Assets under management include the value of securities and derivative positions. Please have your information package and customer number handy when you call. By default, Fidelity charges 0.35% each year for accounts under £250,000 and 0.2% for higher accounts. Please note that this helpline is reserved for questions regarding the proposed transfer to Fidelity.
If you have any questions other than the proposed transfer, please contact the customer service team as usual (see contact details in your previous correspondence or contact us here. Legal & General shareholders will lose their investment benefits later this month when the retail business is transferred to Fidelity. We have written to our clients at Flexible Mortgage ISA (FMISA). The information package for FISIM clients can be found under “Important Documents”. If your investments have not been transferred to Fidelity, we will contact you again in the coming months to inform you of any service restrictions or if we need to make material changes to your terms and conditions. We will also confirm your options in the future. Subsequently, our analysis of other investment providers led us to decide that Fidelity would be the provider best positioned to advance this business and continue to provide our personal investment clients with the excellent client service they have come to expect from Legal & General. If you held a legal and general ISA investment and did not respond to our communications regarding the transfer to Fidelity, the transfer was transferred to Fidelity unless you specifically contact us to refuse the transfer. This was explained in the communications we sent to you and, in particular, in the last information package we sent you, which included details on Fidelity`s transfer date and expectations after the transfer. Financial advisor David Braithwaite of Citrus Financial explains: “If you have an L&G fund that you`re happy with, then they stay with that fund, just to manage things in the future, you`ll be taken care of by Fidelity. In my opinion, L&G didn`t want to have the burden of the administrator, so it turned it over to Fidelity, which has the expertise/ability to take over.
He transferred the management of the personal investment business to Fidelity – the part that you and I would probably deal with if we had personal investments like ISAs, investment accounts and fixed income investments – but pensions remain as they are, they are not transferred. A Fidelity International spokesperson highlighted the benefits of being with them: “Clients who have switched to Fidelity Personal Investing now have access to the full power of their investment and retirement platform. This includes our full range of over 3,000 funds, stocks, mutual funds and exchange-traded funds that can be held in an ISA, SIPP or investment account. It`s definitely worth a look. December 2021: Please note that the transfer of management of our personal investment business to Fidelity has been completed. You may be affected by this transfer if you invested with Legal & General before December 4, 2021. All investments from affected customers have now been transferred. The retail investments included in the transaction – primarily the former Isa, Junior Isa and GIA products – will continue to be invested in LGIM funds following the transaction.
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