Columbia Threadneedle Investments, the global asset management arm of Ameriprise Financial, has agreed to acquire Emerging Global Advisors (EGA), a provider of smart beta portfolios focused on emerging markets.
New York-based EGA has nine emerging market focused exchange-traded funds (ETFs), the first of which was launched in 2009. The company presently manages $892m in assets.
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Columbia Threadneedle Investments CEO Ted Truscott said: "The experience and knowledge of the EGA team and strong emerging markets ETF products will complement our existing actively managed product lineup. The EGA acquisition will allow us to reach even more investors and accelerates our efforts as we build our smart beta capabilities."
EGA president and founder Robert Holderith said: "Columbia Threadneedle Investment’s expansive footprint across global markets provides an opportunity to accelerate the growth of our smart beta platform."
The takeover is part of Columbia Threadneedle’s strategy to expand into the smart beta marketplace. The deal is anticipated to be completed later in 2016.
Columbia Threadneedle forayed into the sector early this year after filing a preliminary registration statement with the SEC to launch several equity smart beta ETFs.
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