The funds include index, active equity, bonds, multi-asset, liability driven investments (LDI) and money markets.
LGIM Ireland managing director Eve Finn said the authorisation allows the asset manager to manage all EU-domiciled funds within Europe after Brexit as it expands its global footprint.
Finn said: “Europe is a strategic focus for LGIM and we are committed to offering leading investment solutions to all our clients across the region”.
The Irish business will leverage LGIM’s wider operations in the UK, the US and Asia.
LGIM first announced its plans to set up the company, which it refers to as a Super Manco, in May 2017.
In a statement announcing the regulator’s authorisation, it said the company will ensure the necessary fund governance is in place well ahead of the UK’s exit from the EU.
Last week, Columbia Threadneedle confirmed it plans to shift approximately £6.9bn (€7.8bn) of European clients’ assets invested through its Oeic range into Sicav alternatives.
AllianceBernstein also told, Expert Investor’s sister publication, Portfolio Adviser it had a plan in place to launch an Oeics range if Brexit negotiations sour. UK investors currently access its strategies through a Sicav range.
In a separate announcement, LGIM said it has nabbed Philipp Graf von Königsmarck from Fidelity International as head of wholesale sales for Germany, as part of its strategy to expand its European operations.
LGIM head of retail for EMEA Honor Solomon described von Königsmarck’s appointment as “one further step towards broadening our reach in furthering our ambitions in Europe”.
Solomon said: “We have been steadily building our product offering for European investors over the past three years. As well as educating investors about our range of active and passive funds and ETFs, as an asset manager our focus is on delivering long-term sustainable returns, strong governance and a responsible approach to investing”.