Despite the unpredictable market climate, Invesco intends to nearly double its European ETF holdings to $100 billion by the end of 2024.
Gary Buxton, head of Invesco’s ETF business in Europe, the Middle East and Africa, said: “Passing the $100 billion (mark) organically is key for us as we look to expand in the region”.
With about $67 billion in assets, the US asset manager is Europe's sixth largest ETF provider.
Initially, the company expected to achieve the $100 billion barrier by the end of 2023, "but the truth is that it will probably be closer to the end of 2024."
The company raised $7.8 billion in new capital in the first seven months of 2022, making it one of the best-selling ETF providers thus far.
Despite collecting billions of dollars in 2022, Invesco's overall ETF assets were unchanged compared to gains in 2021, owing to rising inflation and Ukraine tensions.
“For most at-scale ETF providers in Europe, their assets are below where they exited 2021 — we are roughly flat; 2022 has been a flat or a lost year, depending on how you look at it”, said Bruxton.
In related news, Invesco broadened its thematic range of funds this week with a concentration on metaverse-related securities. The Invesco Metaverse fund will invest in major, medium, and small-cap firms in the United States, Asia, and Europe, as well as equities relevant to the production and use of immersive virtual worlds.
By fLEXI tEAM