Franklin Templeton Investments is aiming to grow its exchange-traded funds (ETF) business to $50bn in the next three years, Bloomberg reported citing the firm’s head of global ETFs Patrick O’Connor.,

The asset manager, which oversees roughly $1.4trn in assets, is known for its mutual-fund business. The firm had $12bn in ETF assets at the end of the first half of the year.

Franklin Templeton plans to convert some of its long-standing mutual funds to ETFs in bid to capture a bigger slice of the ETF market.

The move is expected to attract retail customers who are seeking the tax benefits that come along with the exchange-traded products. ETFs are said to create fewer capital gains for investors because of their creation and redemption process.

In December last year, the firm revealed plans to convert two of its two mutual funds to ETFs.

The BrandywineGLOBAL – Dynamic US Large Cap Value Fund and Martin Currie International Sustainable Equity Fund- are expected to be effective later this year, subject to shareholder approval.

In addition to growing its ETF lineup, Franklin Templeton is revamping its brand recognition. This month, the firm filed to rename 17 of its ETFs in order to align them with a single, identifiable name.

O’Connor told the news agency: “We’ve decided to clean up our brands. We wanted something to provide more clarity so that was kind of an easy evolution for us.”

In May, Franklin Templeton announced a shakeup of four of its index-based ETFs. This included a move to scrap smart beta strategies and focus on dividend-paying equities.

The firm will reposition and rename Franklin LibertyQ International Equity Hedged ETF, Franklin LibertyQ Global Dividend ETF, Franklin LibertyQ Global Equity ETF and Franklin LibertyQ Emerging Markets ETF by 1 August 2022.