Legal & General Investment (LGIM) has acquired Canvas, the European exchange-traded fund (ETF) platform owned by ETF Securities. The transaction includes the platform and embedded infrastructure for ETFs, as well as $2.7bn of existing assets across 17 products and partnerships.
Canvas is a platform that has built a diverse range of ETFs working with partners and directly in a Ucits compliant ETF format. It manages investments for a number of ETFs on the platform, while also allowing partners to launch and manage their own ETFs. The platform will remain open architecture for differentiated products and for the large majority of ETFs to be managed and distributed by LGIM.
The acquisition provides LGIM’s clients with access to one of the fastest growing segments in asset management, broadening LGIM’s geographical reach and product range. It will also bolster LGIM’s capabilities and expertise, enabling it to provide more solutions to help clients achieve their investment objectives.
Mark Zinkula, LGIM chief executive officer, said: “The ETF market is one of the fastest growing segments in asset management. 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.”
A team of Canvas employees with specialist ETF skills will join LGIM as part of the transaction, with both groups working closely together to ensure the successful integration of the business.
The transaction is subject to regulatory approvals.