Insurer Legal & General said on Tuesday it would allocate 1.5 billion pounds ($2.3 billion) to a new British fund for infrastructure projects and seek external financing to expand its size to 15 billion pounds. Chief Executive Nigel Wilson wants L&G (LSE: LGEN.L - news) , which manages over $1 trillion in British pension fund assets, to invest in Britain together with overseas sovereign wealth funds. The fund will seek British and international institutional investors for 30-50 projects across Britain, including in the English cities of Birmingham, Bristol and Leeds. Ahead of elections in May, British politicians are championing spending on large-scale projects.
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