November 15, 2017 / 7:20 AM / a year ago

Legal & General enters European ETF market with Canvas platform deal

LONDON, Nov 15 (Reuters) - Legal & General on Wednesday said it will enter the European exchange traded fund (ETF) market by buying platform Canvas along with $2.7 billion in assets from ETF Securities Limited.

Legal and General’s investment management arm is the UK’s largest asset manager, and it said the UK and Ireland based Canvas platform will help it break into the booming European ETF market via the 14 countries in which it is licensed for distribution.

Investors have increasingly put their money into exchange-traded products and funds in recent years, with the global market reaching a record $4.6 trillion at the end of October. (Reporting By Lawrence White; editing by Simon Jessop)

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