L&G Talks Asset Management

L&G

What does a changing world mean for my portfolio? Which asset classes are undervalued? Will declining demographics affect my investments? From L&G’s Asset Management division, we bring you conversations about the global economy and how professional investors can take advantage of these opportunities.

We'll be talking to fund managers, analysts, industry experts and more to discuss the latest market and political developments, their most exciting asset allocation ideas and how they're optimising portfolios for market booms and economic gloom.

From Trump's tariffs to irrational investors, L&G Talks Asset Management dives into the world of asset management and brings you our most compelling thoughts to help you make informed investment decisions.

To find out more, visit https://am.landg.com/en-uk/institutional/insights/

L&G has been helping customers since 1836. A founding member of the Financial Times Stock Exchange (FTSE) 100 index, L&G is one of the UK's leading financial services companies serving UK customers for our life assurance, pensions, investments and general insurance plans.

This podcast is intended for investment professionals, and shouldn't be shared with a non-professional audience. This podcast should not be taken as an invitation to deal in L&G investments. Any views expressed during this recording belong to the individuals and are based on market conditions at the time of recording, and do not reflect the views of L&G. Legal & General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal & General Investment Management, One Coleman Street, London, EC2R 5AA. Register in England no. 2091894. All rights reserved. No part of this audio may be reproduced in whole or in part without the prior written consent of Legal & General Investment Management.

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#424
Thursday · 15 min
424: Real assets roundup – what’s moving the needle?
This week’s episode takes a broad look at real assets. We assess how investors are looking at this sector and how the macro-economic backdrop may be impacting their thinking. Joining the podcast is Neil Meikle, Head of Private Markets Distribution. Neil brings a unique perspective, drawn from experience talking to private market investors of all stripes. The episode addresses real assets across the board, touching on areas such as digital infrastructure, operational real estate and clean power. This podcast is hosted by Nick Jardine, Content Manager for Private Markets at L&G. For professional investors only. Capital at risk. Assumptions, opinions, and estimates are provided for illustrative purposes only. There is no guarantee that any forecast will come to pass.
#423
October 2 · 23 min
423: The higher-for-longer reckoning
Ben Bennett, Chief Investment Strategist for Asia, examines one of the market's biggest puzzles: why equity markets continue to shrug off rising bond yields, elevated oil prices and tightening financial conditions. Ben discusses what a surge in US Treasury yields above 5% could mean for investors, and whether markets are underestimating the risk of a renewed inflation shock. He also explores the growing competition for capital between governments and AI-related investment, the implications of record debt issuance, mounting fiscal pressures in Europe, and what a stronger US dollar may be signalling about the global economy. This podcast was hosted by Sarka Halas, content manager and was recorded on 30 September 2026. All data sourced from LSEG as of 30 September 2026, unless otherwise stated. For professional investors only. Capital at risk. Securities mentioned for illustrative purposes only. Assumptions, opinions and estimates are for illustrative purposes only and are subject to change. There is no guarantee that any forecast or projection will be realised.
#422
September 24 · 27 min
422: AI: victors, vulnerabilities and value
The AI investment story is evolving beyond today's market leaders. Economist Matthew Rodger and Portfolio Manager in our Active Equities team Ewan Bowerbank discuss whether open-weight models could change where value accrues, the growing importance of energy and infrastructure, and how geopolitics and regulation could shape AI's next phase. They explore what this means for investors, including the case for diversification across the AI ecosystem, managing valuation risk and identifying potential beneficiaries beyond technology. This podcast was recorded on 21 September 2026. All data is sourced from Bloomberg as of 21 September 2026 unless otherwise stated. For professional investors only. Capital at risk. Securities mentioned for illustrative purposes only. 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.
#421
September 17 · 22 min
421: A new era for rates and bonds? Market Talk
Ben Bennett, Head of Investment Strategy Asia, shares his thoughts on what higher rates could mean for inflation, equities and bond markets. He also explores diverging central bank policies, whether US Treasury yields can remain above 5%, rising energy prices, and the evolving relationship between the Fed and the Treasury. This podcast was recorded on 16 September 2026. All data is sourced from LSEG as of 15 September 2026 unless otherwise stated. For professional investors only. Capital at risk. Securities mentioned for illustrative purposes only. Assumptions, opinions, and estimates are provided for illustrative purposes only. There is no guarantee that any forecast will come to pass.
#420
September 10 · 34 min
420: What separates a good managed portfolio service from a great one?
L&G’s James Giblin, Fund Manager, and Dorian Squires, Investment Director at Apollo Investment Management, go beyond performance numbers to explore the people, processes and partnerships that sit behind a managed portfolio service. Drawing on their own experiences, they share real-world examples of how investment decisions are made, how funds are selected and monitored, and how advisers and fund managers work together through changing market conditions. The discussion includes lessons from periods of market volatility, insights into the due diligence and governance that underpin portfolio construction, and real-world examples of how investment teams respond when markets come under pressure. This podcast is hosted by Sarka Halas, Content Manager, and was recorded on 2 September 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.
#419
September 4 · 19 min
419: What’s behind the global bond selloff? Market Talk
Ben Bennett, Head of Investment Strategy Asia, shares his thoughts on how higher long-end yields shaping cross-asset performance. Also on the agenda is Japanese yen strength, the outlook for oil and Nvidia's* latest results. This podcast was recorded on 2 September 2026. All data is sourced from LSEG as at 1 September 2026 unless otherwise stated. For professional investors only. Capital at risk. Securities mentioned for illustrative purposes only. *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.
#418
July 30 · 14 min
418: The new rules of global credit: finding an edge in a fragmented world
In this episode of L&G Talks, Ian Hutchinson, Head of Global Bond Strategies and Radha Mathur, Fixed Income Investment Specialist explore why global credit is back on investors’ radar. They discuss how higher yields, tight spreads and elevated interest-rate volatility have reshaped the opportunity set, and why broad market exposure may no longer be enough. The conversation highlights the role of selectivity, active rates management and regional insight, while considering risks including rate-market shifts, geopolitics and hyperscaler supply. This podcast was recorded on 14 July 2026. Assumptions, opinions, and estimates are provided for illustrative purposes only. There is no guarantee that any forecast will come to pass.
#417
July 23 · 18 min
417: DC Close Up: The default lens
For most DC savers, the default fund is their pension journey. Yet behind what appears to be a simple member experience sits a complex set of investment, behavioural and regulatory decisions. In this DC Close Up episode for L&G Talks Asset Management, our Global Head of DC, Lesley-Ann Morgan, sits down with Head of DC Strategies, Graham Moles, to examine the changing world of DC defaults. From the debate between target date funds and lifestyle approaches, to the growing role of member data, private markets and retirement design, they discuss how schemes are adapting to meet the changing needs of savers. The conversation also examines Value for Money, default decumulation and what comes next for one of the most important areas of DC pension design.
#416
July 16 · 15 min
416: Platform investing: Beyond core real estate
On the latest episode of L&G Talks Asset Management, we dive into the world of platform investing. We cover what platform investing is, looking at how this strategy differs from core real estate holdings and explore considerations investors need to make when thinking about allocating to this asset class. Our speakers also explain what their hearing from investors when it comes to platform investing and why this type of allocation might be appealing. The podcast features: Emma Pullen, Director of Real Estate Fundraising Jonathan Waldner, Director of Real Estate Fundraising This podcast is hosted by Nick Jardine, Content Manager at L&G, and was recorded on 30th June 2026. Assumptions, opinions, and estimates are provided for illustrative purposes only. There is no guarantee that any forecast will come to pass.
#415
July 9 · 24 min
415: Are treasuries untethering from the oil price? Market Talk
Ben Bennett, Head of Investment Strategy, Asia, shares his thoughts on why US treasury yields stayed elevated as the oil price fell, the latest developments in the AI story, and whether Chinese equities could replicate the huge gains seen in Korea. This podcast was recorded on 8 July 2026 and is hosted by Harry Brooks. All data is sourced from LSEG as at 7 July 2026 unless otherwise stated. For 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. The above information does not constitute a recommendation to buy or sell any security.
#414
July 2 · 17 min
414: Private markets: myth vs reality
Private markets come with a powerful narrative: patient capital, complexity premia, and access to parts of the economy public markets can’t reach. But with every narrative comes a set of assumptions that don’t always get challenged. L&G’s Rebecca Burgess, Private Markets Asset Allocation Investment Specialist and Lushan Sun, Head of Cross-Asset Private Markets Research unpack some of the most persistent myths surrounding private markets. From illiquidity fears to valuation misconceptions, the team explores what’s true, what’s outdated, and what investors may be overlooking. This podcast is hosted by Sarka Halas, Content Manager, and was recorded on 15 June 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.
#413
June 25 · 18 min
413: How robotics and AI are transforming the world
Are we on the cusp of a new era of robotics? How is AI enabling machines to perform more complex tasks than ever before? And how will these overlapping technologies change the lives of ordinary working people? In this episode, Dr Henrik Christensen, renowned roboticist and Professor of Computer Science, is joined by Axel Belorde, Head of Business Development EMEA & Asia (Indexes) at TMX VettaFi, to separate fact from fiction. This podcast was recorded on 22 June 2026 and was hosted by Matthew Kemp, Wealth Management Sales Manager at L&G. 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.
#412
June 18 · 37 min
412: Our midyear investment outlook – the CIO call
This special episode marks the publication of our midyear global outlook, which takes stock of the extraordinary first half of 2026 for investors – and offers insights as to what may follow. Topics covered include: • The interplay between AI acceleration and geopolitical fragmentation • What a raft of blockbuster IPOs mean for index investors • How AI is fundamentally reshaping dynamics across industries • The outlook for private credit During the episode, Emiel van den Heiligenberg, our global CIO, is joined by: • David Barron, Global Head of Index and ETFs • Stuart Hitchcock, Head of Portfolio Management, Private Credit • Colin Reedie, Head of Active Strategies • Jason Shoup, Co-head of Fixed Income and CIO, L&G – Asset Management, America Our panel also share what they are planning to read and watch over the summer. The podcast was recorded on 9 June and was moderated by Max Julius, Head of Content. For professional investors only. Capital at risk.
#411
June 4 · 22 min
411: In the room: how investment decisions are made
What really drives an investment decision and what happens before a trade ever reaches your portfolio? L&G’s Francis Chua, Fund Manager, and Chris Franklin, Investment Specialist in our Asset Allocation team take us behind the scenes to unpack what the decision-making process actually looks like in practice. The discussion moves beyond models and market headlines to explore how views are formed, challenged and, at times, left unresolved. From the first signal, whether new data, market dislocation or a divergence in views, through to scenario analysis and portfolio positioning, the conversation highlights a process shaped less by prediction and more by preparation. Along the way, the team examine how disagreement sharpens outcomes, how conviction is expressed through sizing, and why “no action” can still be a deliberate choice. They also unpack the role of external perspectives, the importance of structured debate, and how behavioural biases are identified and managed in real time. This podcast is hosted by Sarka Halas, Content Manager, and was recorded on 19 May 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
#410
May 28 · 18 min
410: Keeping tabs on digital infrastructure
On this week’s episode of L&G Talks Asset Management, we sit down with Achal Arora, Managing Director of Digital Infrastructure Investments. With digital infrastructure increasingly being seen as critical to modern economies, Achal runs down some of the ongoing trends in the sector and how investors should understand present dynamics. Among topics discussed are the influence of artificial intelligence, reasons for a current focus on data centres and why clean power infrastructure and digital infrastructure are converging. This podcast was moderated by Nick Jardine, Content Manager and was recorded on 20 May, 2026. Assumptions, opinions and estimates are provided for illustrative purposes only. There is no guarantee that any forecast will come to pass.
#409
May 21 · 28 min
409: Systematic solutions: meet the team behind the strategies
What is meant by the term ‘systematic solutions’? Why are they increasingly important for investors? And how is AI changing the way they are constructed? In this podcast we hear from three key members of L&G’s systematic solutions capability to discover the answers to these questions. Our speakers are: Elena Cardella, Head of Index & ETFs Investment Specialists Boyang Liu, Head of Systematic Solutions Raj Shah, Senior Quant & Factor Strategist - Index Solutions. This podcast was recorded on 15 May 2026 and is hosted by Luka Lukic, Product Proposals Specialist. 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 AUM figures as at 31 December 2025. Excludes assets managed by associates (Pemberton, NTR, BTR). The AUM includes the value of securities and derivatives positions and may not total due to rounding.
#405
May 14 · 18 min
405: Do charities suffer from money illusion?
Money illusion is one of the most common behavioural biases and with nearly £30 billion held in cash, are UK charities assuming that the most cautious investment is also the safest choice? L&G’s Nancy Kilpatrick, Head of Charities and Andrzej Pioch, Fund Manager and the Head of Risk Targeted Funds explore the risks that may be hiding in plain sight: the risk of holding too much cash, what that actually costs charities and how Trustees could be thinking about their investments. They discuss: The scale and risks of the cash challenge Practical first steps that Trustees can take to put their reserves to work How recent volatility and macro events have highlighted potential concentration risk This podcast is hosted by Sarka Halas, Content Manager, and was recorded on 30 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
#408
May 12 · 24 min
408: Unpacking the US Investment Outlook
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
#407
May 6 · 25 min
407: In conversation with Jo McCaffrey: leading through change
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.
#406
April 23 · 18 min
406: All eyes on Affordable Housing
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.

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