BlackRock doubles stake in Legal & General to over 10%

BlackRock has doubled its stake in Legal & General (L&G) to over 10%, reaching a total position of 10.03%. This increase includes approximately 447 million voting rights, representing 8.08% of the company's voting shares.

This significant accumulation by the world’s largest asset manager occurs alongside intensifying debates among UK policymakers regarding pension taxation. The regulatory and tax environment surrounding UK pensions is a critical factor for the durability of defined benefit pension de-risking flows, which impact the long-term outlook for large insurers like L&G.