Legal & General, the UK insurer, reported a £57bn boost to assets at its investment management division this morning, taking it to £951bn — prompting one rival to note the firm is "tantalisingly close" to being the UK's first trillion-pound investment house.

Legal & General Investment Management reported £22bn of net inflows during the first half, more than double what it took in during the first six months of 2016. The firm said that "almost all" of its business lines were doing well, with its recent expansion drive in the US delivering an £8.6bn net inflow in particular.