L&G says it's Imby, not Nimby

Legal & General hailed a breakthrough in its radical plan to invest billions of pounds worth of assets in infrastructure projects up and down the country.

The FTSE 100 giant has shaken off its tag as an underperforming insurance company in recent years to become one of the country’s largest backers of new housing and urban regeneration. Current investments include a £240m partnership with Schroders to build a retail, leisure and residential complex in Bracknell, Berkshire. It has also used £503m of its money to develop MediaCityUK in Salford.

Its chief executive, Nigel Wilson, who has led this drive, said: “We’ve been knocking on the door for several years now, but the feedback we’re now getting is Imby [in my back yard] rather than Nimby [not in my back yard] and we’re seeing a willingness from local politicians, businesses and people to step up and make things happen.”

L&G shares jumped 7.3p to end at 270.7p on the back of strong half-year results. The group’s pre-tax profits increased 12 per cent to £829m, while assets in its fund management business also climbed 12 per cent to £714.6bn.