Global asset managers, The TCW Group, has announced the successful completion of its previously announced agreement to acquire the ETF business and its infrastructure from Engine No. 1.
With the completion of the transaction, TCW has acquired the entirety of Engine No. 1’s Transform ETF platform, which includes the Transform Climate ETF (Ticker: NETZ); Transform Supply Chain ETF (Ticker: SUPP); and the Transform 500 ETF (Ticker: VOTE). Combined, the Transform ETF platform manages more than USD600 million in US equity ETFs focused on supply chain onshoring, energy transition and US large-and-mid-cap. The firm writes that the acquisition expands the range of investment products available to TCW’s clients and adds a capability in the tax-advantaged ETF wrapper.
The Transform ETF platform expands TCW’s capabilities by providing the infrastructure and expertise for TCW to build an even larger ETF platform which may include other active core and thematic strategies, the firm says.
“Integrating Engine No. 1’s Transform ETF platform into TCW is an important part of our efforts to enhance our capabilities and provide a greater range of investment vehicles for the benefit of our clients,” says Katie Koch, President and CEO of TCW. “We are very excited to work with the exceptional people joining us from Engine No. 1 as we work to grow a world-class ETF platform at TCW.”
With the close of the transaction, Jennifer Grancio, formerly Chief Executive Officer of Engine No. 1, has been named TCW’s Global Head of Wealth. In this newly created role, she will oversee global wealth distribution, lead TCW’s ETF business, and direct TCW’s brand and digital marketing strategy.
“As we integrate into TCW, a best-in-class asset manager, we see exceptional opportunity to advance the growth and innovation of the ETF platform, as well as deepen distribution of the entire range of TCW products across wealth channels,” says Grancio. “We are excited to become part of a firm that has such a deep investment legacy and culture, as well as such significant growth potential.”
