Business
LGIM enters European ETF market
LGIM enters European ETF market.
About this update from Legal & General Group Plc
[{"type":"text","content":"\n \nRNS Number : 5189W Legal & General Group Plc 15 November 2017 \n\nLegal & General Group plc\n15 November 2017\nLegal & General Investment Management enters European ETF market by acquiring ETF platform Canvas with $2.7bn of assets \n \nLegal & General Group Plc (\"L&G\") today announces that Legal & General Investment Management (Holdings) Limited (\"LGIM\") has entered into an agreement to acquire Canvas, the established Exchange Traded Fund (ETF) platform of ETF Securities Limited. The acquisition includes the platform and embedded infrastructure for ETFs as well as $2.7bn of existing assets across 17 products and partnerships in equity, fixed income and commodities. The UK and Ireland based platform is listed on multiple stock exchanges and licensed for distribution in 14 European countries and will enable LGIM to develop a broad range of strategies in the European ETF market. \n \nCanvas is a platform which 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, while also allowing partners to launch and manage their own ETFs on the platform. \nLGIM is the UK's largest asset manager with over $1.2 trillion assets under management2 including $45bn2 of European AUM and this acquisition provides new and existing clients with access to one of the fastest growing segments in asset management. It will broaden LGIM's geographical reach, product capabilities and expertise, enabling it to provide more solutions to help clients achieve their investment objectives. \nThe transaction is subject to regulatory approvals.\nAs at the end of October 2017 the global ETF and exchange traded product (ETP) market size reached a new record of $4.6trn AUM with year to date flows of $538bn eclipsing 2016's full year flow record of $391bn. The US remains the largest region by assets with $3.3trn AUM; however Europe is growing at a faster pace. Assets invested in ETFs/ETPs listed in Europe reached a new record of $0.8trn, increasing 33.7% in the first 10 months of 2017. 2017 is on track for a record year in net inflows in Europe with October 2017 marking 37 consecutive months of net inflows and a record level of $95bn in the year to date, up 102% on October 2016.1...