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November 16, 2017

Legal & General forays into ETF market with Canvas acquisition

Legal & General Investment Management (LGIM) has agreed to acquire Canvas, the European exchange-traded fund (ETF) platform owned by ETF Securities, for an undisclosed sum.

Canvas manages investments for a number of ETFs on the platform, while also allowing partners to launch and manage their own ETFs.

The UK and Ireland based platform is listed on multiple stock exchanges and licensed for distribution in 14 countries.

LGIM, which runs a third of its $1.2 trillion in assets in index funds, will foray into ETF market with this deal.

The deal will add $2.7bn in assets and 17 products across equity, fixed income and commodities to LGIM’s existing portfolio.

LGIM CEO Mark Zinkula said: “This is a natural step in our strategy to develop products for a wider audience. 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. LGIM shares a strong cultural alignment with Canvas and we look forward to working with the team going forward.”

Even after acquisition, Canvas will remain open architecture for differentiated products and for the large majority of ETFs to be managed and distributed by LGIM.

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