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The €1.1trn asset manager said the Irish office would be home to investment strategies including index funds, active equity, bonds, multi-asset, liability-driven investment and money market funds.
Eve Finn, managing director for LGIM Ireland, said: “This will allow us to manage all of our EU-domiciled funds within Europe after the UK leaves the EU.
According to IPE’s Top 400 Asset Managers report, LGIM runs €793bn for European institutional investors, making it the second-biggest asset manager in the region after BlackRock.
The group’s move follows announcements by several other major asset managers they are to set up or expand operations in EU fund management hubs such as Dublin or Luxembourg.
Last week, Columbia Threadneedle Investment announced plans to shift assets from UK-domiciled funds to its Luxembourg range. A spokesman for the group said the assets affected amounted to 2% of its global assets – roughly €8.6bn, based on figures from IPE’s Top 400 report.
Jupiter, Royal London, Aberdeen Standard and M&G have made similar decisions in recent months.
Lawyers have warned that managers have less than three months left to apply for authorisation in Ireland in order to be prepared for Brexit at the end of March next year.