{"id":40469,"date":"2023-07-25T21:58:53","date_gmt":"2023-07-26T01:58:53","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/tcw-buys-engine-no-1s-etf-business\/"},"modified":"2023-07-25T21:58:54","modified_gmt":"2023-07-26T01:58:54","slug":"tcw-buys-engine-no-1s-etf-business","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=40469","title":{"rendered":"TCW buys Engine No. 1\u2019s ETF business"},"content":{"rendered":"
\n

Asset management firm TCW Group announced on Tuesday that it\u2019s buying\u00a0 the exchange-traded-fund business owned by activist investor Engine No. 1 for undisclosed terms.<\/p>\n

The acquisition includes three ETFs, the Transform Climate ETF
\n NETZ,
\n +0.68%<\/bg-quote>,<\/span>
\n Transform Supply Chain ETF
\n SUPP,
\n +0.49%<\/bg-quote>
\n and the Transform 500 ETF
\n VOTE,
\n +0.28%<\/bg-quote>,<\/span>
\n according to the announcement.\u00a0<\/p>\n

\n

\u201cTCW is one of the most prominent asset managers that does not offer their own ETFs, but only mutual funds,\u201d said Todd Rosenbluth, VettaFi\u2019s head of research, in emailed comments Tuesday. \u201cThey have a strong brand with advisors that can be leveraged to make inroads, despite arriving late to the ETF party.\u201d\u00a0<\/p>\n

The acquisition is expected to be completed in the third quarter, pending shareholder approval, according to the announcement. TCW said Engine No.1\u2019s ETF portfolio managers and staff will be integrated into the firm.<\/p>\n

\u201cWe\u2019ve built a tremendous ETF business at Engine No. 1 and we\u2019re extremely excited by the opportunity to scale it even more quickly as part of TCW,\u201d said Jennifer Grancio, chief executive officer and architect of Engine No. 1\u2019s ETF business, in TCW\u2019s statement on the deal.<\/p>\n

The three ETFs being acquired have more than $600 million of combined assets under management, according to the announcement. The Transform 500 ETF is by far the largest, with $515 million of assets as of July 24, FactSet data show. <\/p>\n

The fund, which tracks an index of large-cap U.S. stocks while encouraging transformational changes in companies through shareholder activism, is up around 20% so far this year, based on Tuesday afternoon trading.<\/p>\n

Read:<\/strong> Why Engine No. 1 has turned to \u2018ex-hedge fund\u2019 talent to expand active ETF lineup<\/p>\n

Also see:<\/strong> \u2018Closer to local design and demand\u2019: Engine No. 1 launches Transform Supply Chain ETF in wake of COVID disruptions<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Asset management firm TCW Group announced on Tuesday that it\u2019s buying\u00a0 the exchange-traded-fund business owned by activist investor Engine No. 1 for undisclosed terms. The acquisition includes three ETFs, the Transform Climate ETF NETZ, +0.68%, Transform Supply Chain ETF SUPP, +0.49% and the Transform 500 ETF VOTE, +0.28%, according to the announcement.\u00a0 \u201cTCW is one […]<\/p>\n","protected":false},"author":1,"featured_media":20259,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-40469","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nTCW buys Engine No. 1\u2019s ETF business | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Asset management firm TCW Group announced on Tuesday that it\u2019s buying\u00a0 the exchange-traded-fund business owned by activist investor Engine No. 1 for\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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