British insurer Legal & General invests in the ETF market, acquiring ETF Securities’ Canvas platform, dedicated to the production of these white label products in Europe, and $ 2.7 billion of assets in a the context of strong growth in passive management and uncertainty about access to the European market in view of Brexit.
The largest UK Asset Manager with $ 1.2 trillion in assets under management, Legal & General’s Asset Management subsidiary already manages one-third of its outstanding index funds, but these are not listed.
The acquisition of Canvas, based in Ireland and the United Kingdom and with marketing approvals in 14 European countries, will allow Legal & General to enter a growing European ETF market.
At the end of October, listed index funds stood at $ 4.6 trillion (€ 3.9 trillion).