Legal & General Investment Management, the passive specialist fund manager, won a record £32bn (€46bn) worth of new mandates in the first nine months of the year after securing the first portion of a large outsourcing brief from asset manager Hermes.

Hermes, which manages money for the pension schemes of BT and the Royal Mail, two of the UK's largest, moved £7bn across to Legal & General in the three months to September and plans to shift a further £22bn in the final three months of the year.