A new suite of active exchange-traded funds will be made available via a long-term strategic partnership between BetaShares and Legg Mason.
Under the partnership BetaShares and Legg Mason will initially launch two active ETFs with an income objective, each traded on the ASX alongside BetaShares' existing offerings.
Legg Mason managing director, Australia and New Zealand, Andy Sowerby said BetaShares was an obvious choice for collaboration, given its track record of growth, broad range of funds and sales and marketing capabilities.
He added the partnership will aid the growth of Legg Mason's own active ETF ambitions in Australia.
"This partnership allows both Legg Mason and BetaShares to continue to contribute to the industry by broadening the investment options on offer to Australian investors," Sowerby said.
BetaShares chief executive Alex Vynokur said the firm is excited to be partnering with one of the world's largest and most experienced asset managers.
"Combining Legg Mason's award-winning active management capability with BetaShares deep ETF skillset, the partnership aims to deliver a suite of high quality active ETFs that give Australian investors more solutions to diversify their portfolios and achieve their investment objectives," he said.
"With our complementary investment philosophies and the strength and position of both organisations in the marketplace, we are confident this will be a powerful partnership."
BetaShares and Legg Mason expect to launch more active ETFs in time, adding further to the 14 that currently trade on the ASX. In 2017 alone the funds under management in active ETFs soared by 82% to $1.7 billion.