L&G investment unit to sell Glencore stake

Legal & General Investment Management said it is also selling its stake in New York-listed retailer TJX. — Reuters

NEW YORK: Legal & General’s (L&G) investment management unit says it is selling its stake in global commodities trader Glencore this year on concerns over its production of thermal coal.

Legal & General Investment Management (LGIM) is also selling its stake in New York-listed retailer TJX, it said, raising the number of divestments under its Climate Impact Pledge to 16, across funds covering around £176bil (US$223bil) in assets under management.