Legg Mason and BetaShares announce launch of Active ETFs
Australian ETF Manager, BetaShares, and Legg Mason have announced a long-term strategic partnership, to launch a range of Active ETFs.
Legg Mason Managing Director, Australia and New Zealand, Andy Sowerby, says: “BetaShares is a leading Australian ETF Manager with a pedigree in innovation. Its extensive ETF experience, track record of growth, capabilities in sales & marketing and broad suite of funds made BetaShares the obvious partnership choice for our Active ETF ambitions in Australia.
“This partnership allows both Legg Mason and BetaShares to continue to contribute to the industry by broadening the investment options on offer to Australian investors,” says Sowerby.
BetaShares’ Chief Executive Officer, Alex Vynokur, said of the partnership: “Legg Mason is one of the world’s largest and most experienced asset managers with market-leading investment management capabilities across multiple major asset classes, so we’re excited to be part of this collaboration.
“Combining Legg Mason’s award-winning active management capability with BetaShares deep ETF skillset, the partnership aims to deliver a suite of high quality Active ETFs that give Australian investors more solutions to diversify their portfolios and achieve their investment objectives.”
BetaShares and Legg Mason will initially launch two Active ETFs with an income objective. As with all BetaShares Funds, these new Active ETFs will trade on the Australian Securities Exchange (ASX), making them conveniently accessible to a broad range of investors. BetaShares and Legg Mason expect to launch more Active ETFs products over time.
“With our complementary investment philosophies and the strength and position of both organisations in the marketplace, we are confident this will be a powerful partnership,” says Vynokur.
There are currently 14 Active ETFs trading on the Australian Securities Exchange. Funds under management in Active ETFs grew to AUD1.7 billion in 2017, up 82 per cent from the year before.