Finance
UK Fund Major L&g Aims to Double Asia Business, CEO Says
Published by Global Banking & Finance Review®
Posted on April 15, 2026
3 min readLast updated: April 15, 2026
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London-based Legal & General plans to double its Asia-focused assets under management to $500 billion by 2028, leveraging partnerships and private markets expansion to boost its fastest-growing region’s share of its global portfolio.
Legal & General Plans to Double Asia AUM, Eyes Wealth Market Expansion
By Selena Li
Legal & General's Growth Strategy in Asia
HONG KONG, April 15 (Reuters) - Britain's biggest asset manager Legal & General aims to double its assets under management in Asia to around $500 billion amid its push to grow its international business, CEO Antonio Simoes told Reuters on Monday.
Asia's Role in Legal & General's International Portfolio
Asia is the group's fastest growing international market and is set to play a pivotal role in its target of growing its international AUM to more than 50% of its portfolio by 2028, up from about 43% last year, according to Simoes.
The fund and insurance major currently sources $244 billion worth of assets from Asian clients out of its global AUM of $1.6 trillion.
Leadership Perspective and Regional Presence
"We're very bullish on Asia right now," he said, where the group has more than 50 staff across the region.
L&G's shares have lagged domestic rivals like Aviva over Simoes' tenure as he has sought to convince investors of the merits of his strategy. Simoes, who was appointed CEO in 2024, has pledged to improve performance and boost investor returns by simplifying the 190-year-old British group.
Impact of Geopolitical Tensions on Investment Strategy
Geopolitical tensions and market swings amid the Iran conflict are reinforcing demand from Asian clients for global diversification across asset classes and geographies, according to Simoes.
"What the markets are pricing right now is a de-escalation of the conflict," he said.
Wealth Market Expansion in Asia
Targeting Asia's Wealthy Investors
WEALTH THE NEXT FRONTIER
The wealth market is now "the next frontier" for the firm in Asia, Simoes said, after first building its presence with sovereign funds, pension funds and other institutional clients.
L&G plans to form more distribution ties to reach Asia's wealthy investors, he told Reuters in Hong Kong, where one of its five offices in the region is located. The others are located in Singapore, mainland China, Tokyo and Australia.
Recent Partnerships and Product Growth
The push into Asian wealth is already gaining traction, he said, with a partnership with J.P. Morgan Private Bank raising more than $1 billion from Asian clients in a year.
Its global unconstrained bond strategy — a flexible bond fund that can move across markets more freely than a traditional strategy — distributed via Singapore's United Overseas Bank, has also grown to more than $1 billion.
Future Plans and Revenue Targets
Private market strategies are also in the pipeline for Asia, according to Simoes, after the firm acquired a 75% stake in private market specialist Proprium Capital Partners.
Growth would not come at the expense of margins, Simoes said, with the firm targeting an average revenue margin of more than 10 basis points by 2028 and ideally earlier, up from 9 basis points currently.
(Reporting by Selena Li in Hong Kong; Additional reporting by Iain Withers in London; Editing by Janane Venkatraman)
Key Takeaways
- •L&G’s CEO António Simões announced a target to grow Asia AUM from $244 billion to about $500 billion, as international assets rise to over 50% of total by 2028, up from ~43% last year.
- •The firm is expanding in Asia beyond institutional clients—focusing on wealth markets, via partnerships like J.P. Morgan Private Bank and UOB, plus private markets via its Proprium acquisition.
- •L&G’s broader strategy includes simplifying its structure, improving performance, maintaining margins above 10 bps, and capitalising on geopolitical shifts, while recent moves like a Manulife partnership support its global and Asian distribution growth.
Frequently Asked Questions about UK fund major L&G aims to double Asia business, CEO says
1What is Legal & General's target for assets under management in Asia?
Legal & General aims to double its assets under management in Asia to around $500 billion by 2028.
2How important is Asia to Legal & General's international business strategy?
Asia is the fastest growing international market for Legal & General and is central to its strategy of expanding international assets to over 50% of its portfolio.
3Which client segments is L&G targeting in Asia for further growth?
L&G is expanding beyond institutional clients to target wealthy individuals in Asia through distribution partnerships.
4What financial targets has L&G set for its Asian business?
L&G is targeting an average revenue margin of more than 10 basis points by 2028, up from 9 basis points currently.
5Which Asian cities host L&G offices?
L&G has offices in Hong Kong, Singapore, mainland China, Tokyo, and Australia.