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Legal & General Group PLC (LGI.BE)

Berlin - Berlin Delayed price. Currency in EUR
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2.9900+0.0150 (+0.50%)
At close: 08:08AM CET
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  • Reuters

    Exclusive-UK's Legal & General shelves China business licence plan, cuts headcount, sources say

    HONG KONG (Reuters) -British insurer and asset manager Legal & General 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. L&G did not comment on the business licence shelving or the job cuts when Reuters sought a response but said that China remained "an important and large market opportunity for asset management over the long term".