’Today’s announcement marks another important step in delivering our strategy for focused, sustainable growth and enhanced shareholder returns,’ says chief executive

British insurer Legal and General (L&G) has announced a new strategic partnership with investment management company Blackstone.

Through the deal, L&G will leverage Blackstone’s private credit origination platform to access a pipeline of diversified investment-grade assets.

Additionally, L&G’s asset management business will develop public/private hybrid credit propositions that combine Blackstone’s private credit platform with L&G’s active fixed income capabilities.

António Simões, group chief executive at L&G, said: “Today’s announcement marks another important step in delivering our strategy for focused, sustainable growth and enhanced shareholder returns.

“Complementing L&G’s own insurance, investment and asset origination capabilities, our partnership with Blackstone will further cement our market leading position in pension risk transfer and enable us to address growing demand for public-private hybrid investment products.”

‘Unmatched scale’

L&G added that the move accelerated its ambitions to expand into global wealth and wholesale channels.

Jon Gray, president and chief operating officer at Blackstone, said: “We’re thrilled to partner with L&G, a world-class firm with strong performance that we have long admired.

“Blackstone has been a pioneer in bringing the benefits of private markets investing to insurance companies, individuals and institutional investors. Together, our two firms’ unmatched scale and expertise should drive innovative solutions in the private credit market.”