Legal & General Investment Management (LGIM) has confirmed the completion of its takeover of Canvas, a European exchange traded fund platform previously owned by ETF Securities.
LGIM said the deal would result in the ability to offer its clients access to a broader diversification of ETF strategies, while an ongoing trend in the ETF market towards more thematic strategies also aligned with its own focus on longer term investment themes, in areas such as energy, technology and demographics.
The deal bring some £2.86bn of AUM across 20 products into LGIM’s stable. The products are listed on multiple European stock exchanges, and are licensed for distribution in 14 European countries. Canvas’ existing range includes thematic investments in disruptive technology. LGIM said it will continue to add its own products to the range later this year.
Howie Li, former CEO of Canvas, has relocated to LGIM’s London offices with the existing Canvas team.