LONDON (dpa-AFX) - Legal & General Group Plc (LGEN.L) Wednesday announced that its asset manager unit Legal & General Investment Management (Holdings) Ltd. has entered into an agreement to acquire Canvas, the established Exchange Traded Fund or ETF platform of ETF Securities Limited.
The transaction is subject to regulatory approvals.
The acquisition includes the platform and embedded infrastructure for ETFs as well as $2.7 billion of existing assets across 17 products and partnerships in equity, fixed income and commodities.
The UK and Ireland based platform is listed on multiple stock exchanges and licensed for distribution in 14 European countries and will enable LGIM to develop a broad range of strategies in the European ETF market.
Mark Zinkula, CEO of LGIM, said, 'A number of long-term macro trends, including the increasing use of passive vehicles and the drive to digitalisation, will lead to a growing demand for ETF products. We are well positioned to leverage the scale of our $431bn2 index business to develop an ETF solutions range that complements our existing range of index funds.... 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.'
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