Exclusive: UK's Legal & General shelves China business licence plan, cuts headcount, sources say [Reuters]
LEGAL&GENL GRP PLC S/ADR (LGGNY)
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Source: Reuters
HONG KONG, March 22 (Reuters) - British insurer and asset manager Legal & General (LGEN.L) , opens new tab has shelved a plan to obtain a China business licence and more than halved onshore headcount, two sources said, joining a list of global financial firms scaling back in an uncertain market. Legal & General (L&G) had been planning to apply for a QDLP (Qualified Domestic Limited Partner) licence that allows foreign firms to sell offshore products to Chinese investors as part of its asset management business push, said the sources, who had direct knowledge of the matter. The company, with 1.2 trillion pounds ($1.53 trillion) worth of assets under management globally, has shelved that plan now and, as a result, cut its local team size last month to two people from around 10, they added. The remaining two will focus on the firm's existing business of managing Chinese institutional investors' offshore assets, said the sources, who declined to be named as they were not authorised
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