L&G Talks Asset Management

In today’s fast-moving investment landscape, we believe staying ahead means looking beyond the headlines—understanding how powerful structural shifts like AI disruption can reshape markets, alongside ongoing geopolitical volatility.In this edition of L&G Talks, Jason Shoup (US CIO), Jason Becker (Head of US Credit Strategy), Anthony Woodside (Head of Multi-Sector Fixed Income & Investment Strategy), and Dan Dreher (Solution Strategist) joined us for our first US-based conversation. They helped us unpack L&G’s Q2 US Investment Outlook, discussing: Why AI disruption may be the bigger, longer-lasting market force than episodic geopolitical shocks Insights into fixed income markets, including our base-case outlook for rates and spreads over the next quarter Where AI buildout spending is creating private credit opportunities—and the red flags to watch for How we think about AI-related opportunities in equities

L&G’s Chief Strategy and Product Officer Jo McCaffrey talks to Chief Marketing Officer Andy McQuillan about the rapidly accelerating evolution of asset management, and her personal ascent through the industry.In this wide-ranging and candid interview, Jo and Andy discuss the challenge of leading through change from three distinct perspectives: How asset managers can adapt to meet changing client needs The importance of culture in enabling team performance What it takes as an individual to achieve your ambitions For professional investors only. Capital at risk. Securities mentioned for illustrative purposes only. Reference to a particular security is on a historic basis and does not mean that the security is currently held or will be held within an L&G portfolio. The above information does not constitute a recommendation to buy or sell any security.

L&G’s Affordable Housing platform is a demonstration of how investing in real assets has the potential to make a real difference.Aside from offering a potentially compelling opportunity for institutional investors, the provision of these homes addresses a critical societal need. In our latest podcast, we turn our attention to this space, while also noting some exciting recent developments around L&G’s efforts in Affordable Housing.Joining us on the podcast this week we have: Ali Farrell, Head of Impact Strategies for Real Estate, L&G Shaun Holdcroft, Head of Affordable Homes, L&G This podcast is moderated by Nick Jardine, Content Manager at L&G.All data is from the UK’s Ministry of Housing, Communities and Local Government as of March 2025.Assumptions, opinions and estimates are provided for illustrative purposes only. There is no guarantee that any forecast will come to pass.

This episode explores how the DC industry – and L&G – can move from member engagement to action, at a time when new research* indicates that 41% of working people aged 25 to 55 are not on track for the retirement income they’ll need.DC Close Up host Lesley‑Ann Morgan, Global Head of DC in our Asset Management business, is joined by Jenny Hazan, Director of Customer Strategy and Engagement at L&G. Together, they discuss why the biggest challenge in DC pensions is not participation but adequacy – and why information alone rarely changes behaviour.Drawing on examples spanning compound growth, behavioural biases and artificial intelligence (AI), this episode considers how behavioural science, data and technology must work together to support better member outcomes.This podcast was recorded on 31 March 2026. All information and views from L&G as at date of recording. *Decades Ahead research launched by L&G and research partner Public First on the 18 March 2026.https://group.legalandgeneral.com/en/about-us/our-purpose/safeguarding-financial-futures/decades-aheadFor professional investors only. Capital at risk.Assumptions, opinions, and estimates are provided for illustrative purposes only. There is no guarantee that any forecasts made will come to pass.Past performance is not a guide to the future. The value of an investment and any income taken from it is not guaranteed and can go down as well as up, you may not get back the amount you originally invested. The information in this podcast is for information purposes only and we are not soliciting any action based on it. It is not a recommendation to buy or sell securities or pursue a particular investment strategy. It is not investment, legal, regulatory or tax advice.

In this episode, Amelie Chowna, Head of Fixed Income Strategic Initiatives and Alex Mack, Head of Inflation and Rates explore the role of duration in fixed income portfolios and ask if it is a consistently reliable hedging tool. They also discuss why they believe it is important to manage duration dynamically in unconstrained bond portfolios across varying market conditions. This episode was recorded on 24 March 2026. All data from L&G and/or Bloomberg as at 31 December 2025. Assumptions, opinions, and estimates are provided for illustrative purposes only. There is no guarantee that any forecast will come to pass. It should be noted that diversification is no guarantee against a loss in a declining market.

We can’t predict how geopolitical events unfold, but how do investors adapt to market stress and maintain portfolios that remain robust regardless of the headlines?L&G’s Chris Jeffery, Co-Head of Asset Allocation and Head of Macro; Aimee Bowkett, Fund Manager; and Chris Teschmacher, Fund Manager and Head of AA Investments Specialists discuss: Why uncertainty feels so acute and why the data tell a different story How ‘reckless prudence’ means being too cautious could be a genuine risk Regret, diversification and the cost of being prepared For more insight into the team’s prepare don’t predict philosophy, read their playbook for geopolitical risk management and why uncertainty isn’t the enemy. Please see the links below.Playbook for geopolitical risk management - https://blog.landg.com/categories/investment-strategy/prepare-dont-predict-prepare-dont-predict-a-timeless-playbook-for-geopolitical-risk-management/  Why uncertainty isn’t the enemy – https://blog.landg.com/categories/investment-strategy/prepare-dont-predict-why-uncertainty-isnt-the-enemy/ This podcast is hosted by Sarka Halas, Content Manager, and was recorded on 16 March 2026.For professional investors only. Capital at risk. Risk management cannot fully eliminate the risk of investment loss. It should be noted that diversification is no guarantee against a loss in a declining market.For illustrative purposes only. Reference to a particular security is on a historic basis and does not mean that the security is currently held or will be held within an L&G portfolio. The above information does not constitute a recommendation to buy or sell any security.

This episode is the edited audio of a webinar we held with clients on 20 March to discuss the market reaction to the ongoing conflict in the Middle East.Alongside human and political consequences, the conflict in the Middle East continues to impact markets. In this webinar, we shared our reflections on market conditions and managing risk in this environment.Among other topics, our speakers covered: The magnitude of market moves so far How elevated inflation expectations are affecting the path of interest rates What a higher oil price means for emerging market debt Why recent moves in gilt yields are very different from those we saw in 2022 Our speakers were: Chris Jeffery, Co-Head of Asset Allocation and Head of Macro; Ben Bennett, Chief Investment Strategist for Asia; and Raza Agha, Head of Emerging Market Sovereign Strategy.The webinar was moderated by Lara Edmonstone-West, Head of Solutions Distribution.For professional investors only. Capital at risk. Risk management cannot fully eliminate the risk of investment loss. It should be noted that diversification is no guarantee against a loss in a declining market.

In this special edition of L&G Talks Asset Management, we examine three different approaches to diversification.Our speakers are: Elisa Piscopiello, Senior Index and ETF Analyst, who talks about dividend income strategy Aude Martin, Head of Pooled Index Investment Specialists, who talks about equal weighting Shichen Zhao, ETF Thematic Research Analyst, who talks about the factor profiles of thematic strategies This podcast is hosted by Harry Brooks, Content Manager, and was recorded on 13 March 2026.For professional investors only. Capital at risk. It should be noted that diversification is no guarantee against a loss in a declining market.

This episode is the edited audio of a webinar we held with clients on 5 March to discuss the implications for investors of the recent escalation in the Middle East.Alongside its profound human and political consequences, the conflict has prompted significant market moves. Among other topics, our speakers covered: How the duration of energy market disruption could be pivotal to the investment outlook The potential implications for inflation and central bank policy of higher energy prices Why government bond yields have moved higher and credit spreads are largely tighter The market backdrop in which the conflict has unfolded, including AI-related concerns Signals that might prompt us to make material changes to portfolio positioning Our speakers were Jason Shoup, Global Co-Head of Fixed Income and CIO, L&G – Asset Management, America; Colin Reedie, Head of Active Strategies; and Chris Jeffery, Co-Head of Asset Allocation and Head of Macro.The webinar was moderated by Laura Brown, Head of Public Markets Distribution.For professional investors only. Capital at risk.

Ben Bennett, Head of Investment Strategy, Asia, shares his thoughts on the US Supreme Court’s ruling on tariffs, concerns around the future of software firms, and what’s behind the dip in long-term Japanese government bond yields.This podcast was recorded on 24 February 2026 and is hosted by Harry Brooks.All data is sourced from LSEG as at 23 February 2026 unless otherwise stated.For professional investors only. Capital at risk. 

In late 2024, we published our inaugural Endgame Insights report for DB schemes. With a new version around the corner, here’s a sneak preview of what’s new and how DB schemes are approaching the endgame options they have at their disposal.Mat Webb, Head of Endgame Solutions, shares his thoughts on: What’s different about L&G’s latest Endgame Insights report? Key highlights from our recent DB scheme survey results Is surplus extraction possible with any endgame option? Can DB schemes help to address intergenerational fairness?

Collective Defined Contribution (CDC) schemes are being described as thenext evolution in pensions, yet innovation often comes with challenges.John Southall, Head of Strategic Research within our Asset Allocation team,offers his perspective on some key issues, including: · Who stands to gain and who carries the risk · Key advantages and drawbacks of CDC · How to think about intergenerational unfairness · Unique challenges of retirement-only CDCThis podcast was recorded on February 10, 2026 and is hosted by SarkaHalas, content manager.For professional investors only. Capital at risk. Views expressed are of L&Gas at February 2026.

What do the next 12 months have in store for private markets? That’sthe question our panel aims to answer on this week’s podcast.Discussion focused on what influenced private markets in 2025 andwhat key themes we see emerging with 2026 already well under way. Wealso looked at specific sectors in more detail, delving into realestate, digital infrastructure and private credit.On our panel: Rob Martin, Global Head of Research and Investment Strategy Bill Page, Head of Real Estate Research Dr. James Tyrrell, Research Analyst Lushan Sun, Head of Cross-Asset Research This podcast was moderated by Nick Jardine, content manager at L&G,and was recorded on 4 February, 2026.All data from Cliffwater, Bloomberg, PMA and Preqin as of 2026,unless otherwise stated.Assumptions, opinions, and estimates are provided for illustrative purposes only. There is no guarantee that any forecast will come to pass. It should be noted that diversification is no guarantee against a loss in a declining market. 

How important are dividends as a component of overall equity returns? Which countries offer the best prospects? And how can investors seek to avoid dividend traps? Elisa Piscopiello, Senior Index and ETF Analyst, shares her answers to these questions and more as we delve into the details of dividend income strategy. This podcast was recorded on 21 January 2026 and is hosted by Luka Lukic. All data is sourced from LSEG as at 21 January 2026 unless otherwise stated. Dividend standard deviation versus MSCI World statement via Bloomberg data as at October 2025.For professional investors only. Capital at risk. It should be noted that diversification is no guarantee against a loss in a declining market. Securities mentioned for illustrative purposes only. Reference to a particular security is on a historic basis and does not mean that the security is currently held or will be held within an L&G portfolio. The above information does not constitute a recommendation to buy or sell any security. Risk management cannot fully eliminate the risk of investment loss. Dividend yield is not guaranteed and can go down as well as up, and the investor’s returns may vary year-on-year.  Past yields are not a guide to future issuances.

Ben Bennett, Head of Investment Strategy, Asia, shares his thoughts on the market response to President Trump’s comments on Greenland, how investors can stay the course during periods of volatility, and what’s driving the rally in Asia.This podcast was recorded on 20 January 2026 and is hosted by Harry Brooks.All data is sourced from LSEG as at 19 January 2026 unless otherwise stated.For professional investors only. Capital at risk. It should be noted that diversification is no guarantee against a loss in a declining market.

In 2026, investors continue to face volatility and uncertainty. How can they seek to access differentiated alpha through targeting potential market dislocation?In this podcast, Adil Mirza, Senior Fund Manager within our Global High Yield team, shares his views and process.For professional investors only. Capital at risk.

With pensions adequacy an increasingly critical issue for the industry, we examine how smarter DC investment strategies are more important than ever.From private markets to hybrid default investment strategies and greater diversification, find out how DC investments are evolving to help unlock long-term growth for DC savers.In this episode, Dee Campbell, DC Content Manager, is joined by L&G’s investment experts:John Roe, Head of Multi-Asset FundsMartin Dietz, Head of Diversified StrategiesWill Chan, Senior DC Strategies Manager Important informationFor professional investors only. Capital at risk. For illustrative purposes only. Reference to a particular security is on a historic basis and does not mean that the security is currently held or will be held within an L&G portfolio. This information does not constitute a recommendation to buy or sell any security. Past performance is not a guide to the future. The value of an investment and any income taken from it is not guaranteed and can go down as well as up, you may not get back the amount you originally invested.It should be noted that diversification is no guarantee against a loss in a declining market. Risk management cannot fully eliminate the risk of investment loss. While L&G has integrated Environmental, Social, and Governance (ESG) considerations into its investment decision-making and stewardship practices, this does not guarantee the achievement of responsible investing goals within funds that do not include specific ESG goals within their objectives.The risks associated with each fund or investment strategy should be read and understood before making any investment decisions. Further information on the risks of investing in this fund is available in the prospectus at. www.fundcentres.landg.com Views expressed are of L&G as at December 2025.

In this episode of L&G Talks, we catch up with Amelie Chowna, our newly appointed Head of Fixed Income Strategic Initiatives.Amelie shares her career journey from business school in France to rising through the ranks at L&G and what her new job entails. The conversation also explores challenges and opportunities in fixed income investing, the case for unconstrained strategies, and interesting trends including blending private and public credit.For professional investors only. Capital at risk.

This special episode marks the publication of our 2026 global outlook, which offers insights across public and private markets after another remarkable year for investors. Topics covered include: AI-driven capital expenditure and rising government borrowing What may need to happen to justify investor bullishness on AI Concentration risk in US and global equity markets Non-consensus market views for next year and beyond You can read the foreword and access the entire report here, on our blog. During the episode, Sonja Laud, our global CIO, is joined by: Christopher Jeffery, Head of Macro Strategy Colin Reedie, Head of Active Strategies David Barron, Global Head of Index and ETFs Robin Martin, Global Head of Investment Strategy & Research, Private Markets Our panel also share what they are planning to read, watch and listen to over the holidays. The podcast was recorded on 9 December and was moderated by Max Julius, Head of Content. For professional investors only. Capital at risk.

In this special episode, we discuss our partnership with Blackstone, the world’s largest alternative asset manager. We also offer an overview of private credit and look at the role the asset class could play alongside public credit within investor portfolios.Our speakers are Jo McCaffrey, Chief Strategy and Product Officer, Asset Management, L&G; and Brad Marshall, Global Head of Private Credit Strategies at Blackstone.Other topics covered include:·        The reasons behind the rapid growth of private credit·        Key investor considerations around the asset class, in particular for the UK Wealth market·        Blackstone’s approach to underwriting investments to mitigate riskThe podcast was recorded on 30 October and was moderated by Max Julius, Head of Content, Asset Management, L&G.Source for comments on private credit's history of strong performance: "Leveraged Loans” as represented by Morningstar LSTA U.S. Leveraged Loan Index. “Private Credit” as represented by Cliffwater Direct Lending Indexfrom September 30, 2005 through June 30, 2025, which is latest publicly available data. Total return reflects the sum of annualised income return, annualised realised gain / loss and annualised unrealized gain / loss during the period. For professional investors only. Capital at risk.

Europe’s emissions reduction goals are ambitious, with the continentproviding a continually supportive regulatory backdrop to spur atransition to clean power.In this episode of L&G Talks Asset Management, we’re joined byRosheen McGuckian, CEO of NTR. We discuss the investments needed tofacilitate Europe’s transition and the pace of change required. Whilechallenges persist, we also address why it may be an opportunity forinvestors.This podcast was recorded on 21 November and is hosted by NickJardine, Content Manager for L&G’s Private Markets platform.You can listen on: Apple Podcasts, Audioboom and Spotify.All data points are from BNEF, McKinsey and NTR, unless otherwisestated.

Listen to our in-house investment professionals share their thoughts on the Budget.It’s difficult to remember a time when a UK Budget was more nervously anticipated, with UK public finances in a tight spot given elevated debt repayment costs and rising levels of ringfenced spending.In this podcast, hosted by Laura Brown, Head of Public Markets Distribution, we hear from James Carrick, Senior Economist, on what the Budget could mean for the UK economy and from Joseph England, Senior Portfolio Manager, on what it could mean for UK gilt markets.This podcast was recorded on 27 November 2025.For professional investors only. Capital at risk.

A trio of L&G investment experts recently recorded a webinar to discuss the wide-ranging implications of artificial intelligence (AI) for investors.  Advances in AI are continuing to dominate headlines – and reshape the investment landscape. In our webinar a panel of experts discussed the implications of the technology for investors, from the near-term market trajectory to its impact on economic growth and infrastructure spending.The event was hosted by Laura Brown, Head of Public Markets Distribution, and featured the following speakers: Jason Shoup, Chief Investment Officer, Asset Management, L&G America, and Co-Head of Global Fixed Income Christopher Jeffery, Head of Macro Strategy Matteo Colombo, Managing Director Digital Infrastructure Investing – Private Markets Investments All data sourced from Bloomberg as at 7 November unless otherwise stated. Securities mentioned for illustrative purposes only. Reference to a particular security is on a historic basis and does not mean that the security is currently held or will be held within an L&G portfolio. The above information does not constitute a recommendation to buy or sell any security. It should be noted that diversification is no guarantee against a loss in a declining market.

Our Head of Solutions Distribution joins the podcast to share our latest endgame thinking for DB schemes.It won’t have escaped DB clients’ attention that there’s recently been significant talk of surplus extraction. However, we strongly believe it’s important not to lose sight of the reason we’re here in the first place: to help schemes meet their core fiduciary duty to pay all members’ pensions as they fall due, with a buy-in or buyout usually seen as the gold standard objective for many trustees.To discuss all this and more, our Head of Solutions Distribution, Lara Edmonstone-West, gets behind the microphone.This podcast was recorded on 22 October 2025. All data points sourced from the PPF and L&G.For professional investors only. Capital at risk.

These two investment styles are often positioned as opposites, but this framing may obscure the complex interplay between them.Instead, Ayah Habboub, and Index Researcher in L&G’s Index Solutions team, argues that designing growth strategies in a way that is agnostic to value could allow investors to capture the market returns unique to each factor.This podcast was recorded on 17 October 2025 and is hosted by Harry Brooks, European Content Manager.For professional investors only. Capital at risk. It should be noted that diversification is no guarantee against a loss in a declining market.

How is the mass adoption of AI changing the labour market? Could this technology shift the balance of geopolitical power? And can investors access this theme without increasing concentration risk?In this week’s episode, three L&G experts share their insights. Our speakers are: James Carrick, Senior Economist and Strategist Matthew Rodger, Economist Andrzej Pioch, Fund Manager This episode was recorded on 10 October 2025 and is hosted by Harry Brooks, European Content Manager.Sources: AI as percentage of US Q1 GDP: L&G calculations, Macrobond, Artificial Analysis, AI spend includes computer, software, data centre and electricity investment. Investment not adjusted for import component as at 30 June 2025. US and China make up 80% of AI: EPOCH AI as at June 2025. AI spillover and multiplier effects: Honey, AI Capex is Eating the Economy US Census Bureau estimate of AI capex: Macrobond as at June 2025. For professional investors only. Capital at risk. Assumptions, opinions, and estimates are provided for illustrative purposes only. There is no guarantee that any forecasts made will come to pass. Past performance is not a guide to the future. Securities mention for illustrative purposes only. Reference to a particular security is on a historic basis and does not mean that the security is currently held or will be held within an L&G portfolio. The above information does not constitute a recommendation to buy or sell any security.

Ben Bennett, Head of Investment Strategy, Asia, shares his thoughts on political turbulence in the US, France and Japan, and considers whether the structural drivers behind the rising gold price can support continued gains.This podcast was recorded on 8 October 2025 and is hosted by Harry Brooks.All data is sourced from LSEG as at 7 October 2025 unless otherwise stated.For professional investors only. Capital at risk. Assumptions, opinions, and estimates are provided for illustrative purposes only. There is no guarantee that any forecasts made will come to pass. Past performance is not a guide to the future. Securities mention for illustrative purposes only. Reference to a particular security is on a historic basis and does not mean that the security is currently held or will be held within an L&G portfolio. The above information does not constitute a recommendation to buy or sell any security.

In today’s interconnected markets, we believe taking a global approach to managing fixed income assets is essential, as economic or political developments in one region can have a significant impact around the world. In the latest episode of L&G Talks Asset Management, Colin Reedie and Jason Shoup, Co-Heads of Global Fixed Income at L&G, had a transatlantic conversation on the benefits of thinking and acting globally, and discussed:  What a global approach to active fixed income really means—and how it works in practice How to balance regional expertise with a globally consistent approach The inside story on our global meetings and debates, and how the outcomes shape our regional positioning Insights into current market dynamics that affect investors around the world from US exceptionalism, to emerging markets and AI For professional investors only. Capital at risk. Assumptions, opinions, and estimates are provided for illustrative purposes only. There is no guarantee that any forecasts made will come to pass. Past performance is not a guide to the future.

This week on L&G Talks Asset Management we bring together a panel of leading experts to discuss one of the most talked-about technology topics: quantum computing. Our panel explains why quantum represents a paradigm shift in computing, particularly given recent advances in artificial intelligence. From an investor standpoint, we’ll also look at why we believe now is the time for interested investors to seek out exposure to quantum companies. Hosting the discussion we’ve Alastair Stewart, Head of Investments for Venture Capital, L&G. Joining the conversation we have: Alessandro Curioni - Vice President of IBM Europe and Africa and Director of the IBM Research Lab in Zurich, Switzerland. Alessandro is a world-leading expert on quantum computing and also part of L&G’s venture capital advisory board. John Morton – Founder and CTO, Quantum Motion. In addition to being the founder of multiple quantum start-ups, John is also a leading professor at University College London. Chloe Hall - Senior Investment Manager - Venture Capital, L&G. In addition to her work with L&G, Chloe has been a board-level representative in several growth-stage deep tech companies. For professional investors only. Capital at risk. Assumptions, opinions, and estimates are provided for illustrative purposes only. There is no guarantee that any forecasts made will come to pass. Past performance is not a guide to the future. Reference to a particular security is on a historic basis and does not mean that the security is currently held or will be held within an L&G portfolio. The included information does not constitute a recommendation to buy or sell any security. 

Ben Bennett, Head of Investment Strategy, Asia, shares his thoughts on upcoming central bank decisions, and explains why market returns, economic growth and sentiment don’t always run in parallel.This podcast was recorded on 17 September 2025 and is hosted by Harry Brooks.All data is sourced from LSEG as at 17 September 2025 unless otherwise stated.For professional investors only. Capital at risk. Assumptions, opinions, and estimates are provided for illustrative purposes only. There is no guarantee that any forecasts made will come to pass. Past performance is not a guide to the future.

Anyone who has spent time thinking about markets is likely to have heard at least a few time-honoured investing aphorisms.But do they actually work?In this episode, three experts discuss the findings from their recent whitepaper, which aimed to answer this question, separating the pearls of wisdom from the specious sayings. Our speakers are: Christopher Jeffery, head of macro strategy   Christopher Teschmacher, fund manager and head of asset allocation investment specialists, and Patrick Greene, strategist This podcast is hosted by Dee Campell, DC Content Manager, and was recorded on 8 September 2025.To read the whitepaper, search for ‘L&G insights’, where you’ll find all our latest thought leadership. It should be noted that diversification is no guarantee against a loss in a declining market. For professional investors only. Capital at risk. Assumptions, opinions, and estimates are provided for illustrative purposes only. There is no guarantee that any forecasts made will come to pass. Past performance is not a guide to the future.

Ben Bennett, Head of Investment Strategy, Asia, shares his thoughts on the latest drama at the US Federal Reserve, political developments in France, and China’s equity market rally.This podcast was recorded on 3 September 2025 and is hosted by Harry Brooks.All data is sourced from LSEG as at 3 September 2025 unless otherwise stated.For professional investors only. Capital at risk. Assumptions, opinions, and estimates are provided for illustrative purposes only. There is no guarantee that any forecasts made will come to pass. Past performance is not a guide to the future.

Ben Bennett, Head of Investment Strategy, Asia, shares his thoughts on the steepening of the yield curve, the collision of politics and economic data, and bumper earnings from the US tech giants.This podcast was recorded on 6 August 2025 and is hosted by Harry Brooks.All data is sourced from LSEG as at 5 August 2025 unless otherwise stated.For professional investors only. Capital at risk. Securities mentioned for illustrative purposes only. Reference to a particular security is on a historic basis and does not mean that the security is currently held or will be held within an L&G portfolio. The above information does not constitute a recommendation to buy or sell any security. Assumptions, opinions, and estimates are provided for illustrative purposes only. There is no guarantee that any forecasts made will come to pass. Past performance is not a guide to the future.

On this week’s L&G Talks Asset Management, we cover how UK universities are creating a nexus for Private Markets investment. Our recent research covered this subject, and discussion focused on some of the key points it raised, along with potential investment implications.Our panel consisted of: Bill Page, Head of Real Estate Research, L&G Melissa Lockett, Investment Director, Investment & Place Partnerships, L&G You can listen on: Apple Podcasts, Audioboom and Spotify.This podcast is hosted by Nick Jardine, Content Manager – Private Markets, at L&G. It was recorded on 29 July, 2025.Sources:Beauhurst, Spotlight on Spinouts, 2024, L&GStuRents, Knight Frank, December 2024HESA, 2025L&G calculations form ONS workforce jobs data, 2025London Economics/Universities UK – The impact of higher educationsector on the UK economy, Aug 2023For professional investors only. Capital at risk. 

Ben Bennett, Head of Investment Strategy, Asia, shares his thoughts on early signs that tariffs are having an impact on US inflation, volatility in Japanese government bonds and what’s driving AI stocks.This podcast was recorded on 23 July 2025, and is hosted by Harry Brooks.All data is sourced from LSEG as at 23 July 2025 unless otherwise stated.For professional investors only. Capital at risk. Securities mentioned for illustrative purposes only. Reference to a particular security is on a historic basis and does not mean that the security is currently held or will be held within an L&G portfolio. The above information does not constitute a recommendation to buy or sell any security.

In this special and wide-ranging episode, Eric reflects on his journey through the asset management industry and the personal values that informed his decision to join L&G. "Humility is key - and I think I learned that in my upbringing," he says. Speaking with Jo McCaffrey, Chief Strategy and Product Officer for our Asset Management business, Eric also discusses his ambitions for our business, the democratisation of private markets, our approach to market volatility and why French is his favourite language but Italian is his favourite food. This podcast was recorded on 30 June, 2025.Source for percentage of pension risk transfer deals originating from existing clients: L&G 2024 full year results. All other figures cited L&G as at 30 June 2025 unless otherwise stated.For professional investors only. Capital at risk.

We recorded this special episode to mark the publication of our midyear global outlook, which offers key views across public and private markets after a particularly eventful first six months of 2025. Topics covered include:Long-term implications from the tariffs-related volatility spikeHow our AFI team in Chicago is navigating policy uncertaintyThe approach taken by our Multi-Asset team to USD assetsThe outlook for private market assets – and their role in portfoliosAddressing concentration risk within index and ETF strategies During the episode, Sonja Laud, our Global CIO, was joined by: Anthony Woodside, Head of Multi-Sector Fixed Income & Investment Strategy, Asset Management, AmericaChristopher Jeffery, Head of Macro StrategyDavid Barron, Global Head of Index and ETFsRob Martin, Global Head of Investment Strategy & Research, Private Markets The speakers also offer non-consensus market views for the next six months – and share what they are planning to read and watch over the summer. The podcast was recorded on 3 July and was moderated by Max Julius, Head of Content. For professional investors only. Capital at risk.

Ben Bennett, Head of Investment Strategy Asia, shares his thoughts on the market impact of the Middle East conflict. Also on the agenda is possible rates divergence between the US and Europe, the shortcomings of economic data, and why GDP per capita may not tell the whole story of emerging markets.This podcast was recorded on 24 June 2025.All data is sourced from LSEG as at 24 June 2025 unless otherwise stated.For professional investors only. Capital at risk. Securities mentioned for illustrative purposes only. 

With market volatility front of mind in 2025, we explore equity market concentration risk and what can be done to mitigate it.Our speakers are Aude Martin, Head of Pooled Index Investment Specialists, and Andrzej Pioch, a Fund Manager specialising in multi-asset strategies in our Asset Allocation team.All data from Bloomberg as at 5 June 2025 unless otherwise stated. For professional investors only. Capital at risk. Past performance is not a guide to the future. It should be noted that diversification is no guarantee against a loss in a declining market. Securities are mentioned for illustrative purposes only. Reference to a particular security is on a historic basis and does not mean that the security is currently held or will be held within an L&G portfolio. The above information does not constitute a recommendation to buy or sell any security. Assumptions, opinions, and estimates are provided for illustrative purposes only. There is no guarantee that any forecasts made will come to pass.

What does it mean when we say an active fixed income strategy is “unconstrained”? What difference does it make when a fund is not tied to a benchmark? And what is it about the present moment that could make this an attractive option for navigating market volatility?To answer these questions and give his insights into what could determine performance in fixed income for the rest of the year, this week we’re joined by Enda Mulry, Portfolio Manager in our Global Bond Strategies team.This episode is hosted by Andrew Lowry, European Content Manager.For professional investors only. Capital at risk.

This week, we tackle part of the private credit universe that doesn’toften get much airtime. That’s ‘crossover credit’ – or in otherwords, the part of the market that sits between investment-grade andsub-investment-grade credit.Talking us through this episode is Stu Hitchcock, L&G’s Head ofPrivate Credit Portfolio Management. Stu addresses the size of thecrossover market, the types of deals that may utilise this form ofcredit and how it may fit into a portfolio.Asking the questions is Nick Jardine, Content Manager for L&G’sPrivate Markets platform.All data is sourced internally from L&G as of June 2025, unlessotherwise states.For professional investors only. Capital at risk. Source: Moody’s Annual Default Study, 2023. Based on issuer-weighted averagedefault rates and issuer-weighted senior unsecured bond recoveryrates, from 1983-2023.

What is a money market fund? Why do investors use them? And how might the path of interest rates, technological change and regulation affect the outlook for these funds?Our guest for this podcast is Ross McDonald, a Liquidity Investment Specialist at L&G, to learn more about this sometimes overlooked – but crucial – part of the investor’s toolkit.All data is sourced from Bloomberg as at 22 May 2025 unless otherwise stated.For professional investors only. Capital at risk. It should be noted that diversification is no guarantee against a loss in a declining market.

Ben Bennett, Head of Investment Strategy Asia, shares his thoughts on the rebound in risk assets following the preliminary US/China trade deal. Also up for discussion are the rapid repricing of the Hong Kong dollar and what April’s inflation surprise in the UK means for the path of interest rates.All data is sourced from LSEG as at 21 May 2025 unless otherwise stated.For professional investors only. Capital at risk.

2025’s macro turbulence has been well documented; but is there opportunity among the uncertainty? As we approach the year’s halfway point, we look at what the economic environment means for private markets, looking at where we stand now and what may lie ahead in the medium term. We’re joined by Rob Martin, Head of Investment Strategy and Research for L&G’s Private Markets platform, and Lushan Sun, Head of CrossAsset Research. Asking the questions and hosting is Nick Jardine, Content Manager for L&G’s Private Markets Platform. This podcast was recorded on 16 May 2025. Sources: L&G, as of May 2025 MSCI, as of May 2025 Mckinsey & Co, as of January 2023 Preqin, as of May 2025 For professional investors only. Capital at risk. For illustrative purposes only. Views expressed are of L&G as at 15 April 2025. The information in this podcast is for information purposes only and we are not soliciting any action based on it. It is not a recommendation to buy or sell securities or pursue a particular investment strategy. It is not investment, legal, regulatory or tax advice. 

Ben Bennett plots the path of interest rates in the US and UK, examines the factors driving the equity market rebound, and explains why possible tariffs on non-US films could have ramifications far beyond Hollywood.All data is sourced from LSEG as at 6 May 2025 unless otherwise stated.Taiwan dollar move source: Taiwan dollar's record rally is a trade-war tremor | ReutersFor professional investors only. Capital at risk. Securities mentioned for illustrative purposes only. Reference to a particular security is on a historic basis and does not mean that the security is currently held or will be held within an L&G portfolio. The above information does not constitute a recommendation to buy or sell any security.

Following the publication of a major new research paper, Raj Shah, a Senior Quant and Factor Strategist within our Index Solutions team, delves into the question of whether factor portfolios can be decarbonised without losing their underlying risk and return characteristics. This podcast is hosted by Harry Brooks, European Content Manager.For professional investors only. Capital at risk. It should be noted that diversification is no guarantee against a loss in a declining market. There is no guarantee ESG targets will be achieved.

In another week of volatility for US assets, Ben Bennett dissects the market reaction to frictions with the Fed, considers the path of the dollar, and shares his verdict on whether the era of American exceptionalism is at an end.All data is sourced from LSEG as at 21 April 2025 unless otherwise stated.For professional investors only. Capital at risk. Securities mention for illustrative purposes only. Reference to a particular security is on a historic basis and does not mean that the security is currently held or will be held within an L&G portfolio. The above information does not constitute a recommendation to buy or sell any security.

At the beginning of the year, a narrative of US exceptionalism was the consensus among many market participants.However, significant policy uncertainty emanating from the Trump administration has driven a significant rotation away from US risk assets and sent shockwaves around the global economy.What can investors conclude from the turbulence of the first quarter of 2025 - and what does this all mean for American fixed income? This week, we're doing a deep dive to answer these questions and more.This episode is hosted by Andrew Lowry in London; he is joined by Jason Shoup, CIO and Co-Head of Global Fixed Income, and Anthony Woodside, Head of Multi-Sector Fixed Income & Investment Strategy, both at the Chicago office of L&G's Asset Management division.This podcast was recorded on April 15 2025.For professional investors only. Capital at risk.

In this episode, we explore Defined Contribution (DC) investments and the changing reality of retirement. Our DC Head of Clients, Jayesh Patel, and clinical psychologist, Dr Emma Hepburn, join us to discuss the gap between retirement expectations and retirement realities. For professional investors only. Capital at risk.

Our expert panel discusses the remarkable shift in the market narrative, which has accompanied a rotation away from some of the best-performing assets of 2024, and what investors can expect over the coming months.During the episode, our latest CIO call, our speakers are Sonja Laud, our Global Chief Investment Officer; Colin Reedie, Head of Active Strategies; Jason Becker, Head of US Credit strategy, Asset Management, America; and Tim Drayson, Head of Economics.Among other points, they cover: How shifts in US and European policy are likely to affect the global economy The reasons behind the rotation currently underway in markets The prospects for fixed income and equities in light of the murky macro outlook Our own positioning within risk assets In addition, the speakers also share what they have been reading, watching and listening to recently.The podcast was recorded on 26 March and was moderated by Max Julius, Head of Content.For professional investors only. Capital at risk.