L&G and Blackstone Forge Strategic Partnership to Enhance Credit Platforms

Legal & General and Blackstone have entered a long-term strategic partnership aimed at leveraging their combined credit platforms to strengthen L&G's annuities business and asset management offerings. The collaboration will provide L&G access to Blackstone's private credit origination platform, focusing on US-based investment-grade assets.

L&G plans to allocate up to 10% of its anticipated annuities new business flows to this initiative, complementing Blackstone's existing $237 billion in third-party insurance assets under management. The partnership also aims to develop hybrid credit solutions, merging Blackstone's private credit expertise with L&G's active fixed income capabilities.

This alliance underscores the growing institutional demand for diversified credit strategies and scalable asset management solutions. The MOVE is expected to enhance L&G's competitive positioning in global wealth and wholesale channels, building on its $122.5 billion annuities book and $1.4 trillion in assets under management.