On July 26, 2023, TCW Group announced the acquisition of Engine No. 1’s ETF business.
Under the terms of the agreement, TCW Group (“TCW”) will acquire the Transform ETF platform from Engine No. 1 (“Engine”) in a deal expected to close in the third quarter of 2023, subject to customary closing conditions. Further terms of the deals were not disclosed.
TCW, based in Los Angeles, is a global asset management firm offering investment products including fixed income, equities, emerging markets and alternative investments. TCW has $210 billion in assets under management.
Engine, based in San Francisco, is an investment manager specializing in impact-focused investments across a range of industries. Engine’s ETF platform includes three ETFs with over $600 million in total assets.
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