Invesco aims to expand its European ETF assets by almost 50% to $100 billion by the end of 2024 despite the volatile market environment.
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”.
The US asset manager has almost $67 billion in assets, making it Europe’s sixth largest ETF provider.
Initially, the business was expecting to reach the mark of $100 billion by the end of 2023, “but the reality is it will probably be closer to the end of 2024”.
The business amassed $7.8 billion in new money in the first seven months of 2022, among the best-selling ETF providers thus far.
Despite collecting billions of dollars in 2022, Invesco’s overall ETF assets remained flat compared to 2021 gains, owing to high inflation and tensions in Ukraine.
“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 this week, Invesco expanded its thematic range of funds with an offering focused on metaverse-related equities. The Invesco Metaverse fund will invest in large, medium and small-cap companies across the US, Asia and Europe, encompassing stocks related to the creation and use of immersive virtual worlds.
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