TCW, a Los Angeles, CA-based global asset management firm, acquired exchange traded fund (ETF) business and infrastructure from Engine No. 1, a San Francisco, CA-based investment firm.
The amount of the deal – expected to close in the third quarter of 2023, subject to shareholder approval – was not disclosed. Upon closing, Engine No.1’s ETF portfolio managers and staff will be integrated into TCW.
The acquisition marks the latest in TCW’s ongoing expansion of investment solutions. Earlier this year, TCW announced a strategic partnership with Lakemore Partners Ltd. to support the growth of its collateralized loan obligation platform. Through the transaction, TCW is acquiring the entirety of Engine No. 1’s Transform ETF platform, which includes the active, thematic Transform Climate ETF (Ticker: NETZ); Transform Supply Chain ETF (Ticker: SUPP); and the Transform 500 ETF (Ticker: VOTE) index fund.
Led by Chris James, Founder and Chief Investment Officer, and Jennifer Grancio, Chief Executive Officer and architect, Engine No. 1 is an investment firm that creates value for shareholders and companies by providing capital, as well as operational and technological expertise, to industries that are undergoing fundamental transition. The firm is focused on the investment themes of decarbonization and the relocalization of North American supply chains.
Led by Katie Koch, President and CEO, TCW is a global asset management firm with a broad range of products across fixed income, equities, emerging markets and alternative investments. It today manages approximately $210 billion in client assets. Through the MetWest Funds and TCW Funds families, TCW manages a mutual fund complexe in the U.S. Its clients include many of corporate and public pension plans, financial institutions, endowments and foundations.
FinSMEs
26/07/2023