Legal & General abandons China business license plan, reduces onshore headcount to two.

Legal & General, a British insurer and asset manager, has abandoned plans to obtain a China business license and reduced its onshore headcount by more than half, from around 10 people to two. The company had been considering applying for a QDLP license to sell offshore products to Chinese investors as part of its asset management business push. The remaining team will focus on managing Chinese institutional investors' offshore assets.