Evolve to purchase ETF management contracts from Sphere
Evolve Funds Group (Evolve), a Canadian Exchange Traded Fund provider is to purchase the management contracts of five Sphere listed Exchange Traded Funds (ETFs).
The funds in question are: the Sphere FTSE Canada Sustainable Yield Index ETF (SHC): Sphere FTSE US Sustainable Yield Index ETF (SHU); Sphere FTSE Europe Sustainable Yield Index ETF (SHE); Sphere FTSE ASIA Sustainable Yield Index ETF (SHA); and Sphere FTSE Emerging Markets Sustainable Yield Index ETF (SHZ).
Evolve has agreed to acquire the right to manage the five ETFs with approximately USD68 million in assets under management, subject to obtaining unitholder and regulatory approvals.
"We are excited to expand and complement our existing product lineup with Sphere's suite of ETFs," says Raj Lala, President & CEO at Evolve. "As an innovative ETF provider, this transaction will further deepen our commitment to providing Canadian investors with products designed to address the changing global economic environment."
Keith McLean, CIO for Sphere, says: “We are very pleased that Sphere's products will be managed by Evolve and add a dimension to an already impressive array of products," said "These ETFs will continue to act as a core holding for client portfolios, as they provide an opportunity for good risk adjusted returns and enhanced yield for investors."
Stuart Raftus, President of Canaccord Genuity Wealth Management in Canada, says: “The family of Sphere ETFs will continue to be offered as part of the carefully selected range of product solutions that we offer to our clientele. We look forward to working with the team at Evolve, as they share our commitment to providing innovative investment opportunities for investors."