Legal & General Investment Management (LGIM) has closed the acquisition of Canvas, the European ETF platform owned by ETF Securities.
The deal was first announced in November last year. Financial terms of the transaction were not disclosed.
The acquired portfolio includes 20 products and $3.26bn in assets. The platform is listed on various European stock exchanges and licensed for distribution in 14 countries of Europe. It mainly offers exposure to thematic investments in disruptive technology.
LGIM plans to add its own products to the platform’s existing product range later in 2018.
The team at Canvas, including its CEO Howie Li, has joined LGIM’s London offices as part of the deal.
“The combination of LGIM’s breadth and scale, coupled with the specific ETF expertise that the Canvas team brings, signals an exciting new phase for both parties. We look forward to working together to deliver the best outcomes for both existing and new clients,” Li noted.
LGIM CEO Mark Zinkula said: “With deep expertise in delivering a diverse and innovative range of client solutions, Legal & General Investment Management will now offer a compelling range of ETFs alongside its existing index funds. This was the right opportunity to expand our capabilities and ensure we can meet client demand in this rapidly growing market.”