Legal & General Investment Management (LGIM) has agreed to acquire Canvas, the European exchange-traded fund (ETF) platform owned by ETF Securities, for an undisclosed sum.
Canvas manages investments for a number of ETFs on the platform, while also allowing partners to launch and manage their own ETFs.
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The UK and Ireland based platform is listed on multiple stock exchanges and licensed for distribution in 14 countries.
LGIM, which runs a third of its $1.2 trillion in assets in index funds, will foray into ETF market with this deal.
The deal will add $2.7bn in assets and 17 products across equity, fixed income and commodities to LGIM’s existing portfolio.
LGIM CEO Mark Zinkula said: “This is a natural step in our strategy to develop products for a wider audience. The acquisition of Canvas enables us to cater to a growing base of clients across Europe and further grow our market share in both retail and institutional markets. LGIM shares a strong cultural alignment with Canvas and we look forward to working with the team going forward.”
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By GlobalDataEven after acquisition, Canvas will remain open architecture for differentiated products and for the large majority of ETFs to be managed and distributed by LGIM.
