Lyxor Asset Management, which vies with DWS’s Xtrackers as the second-largest provider of exchange traded funds in Europe, is set to pull narrowly ahead of its rival with the acquisition of Commerzbank’s equities and ETF business.

Lyxor and Commerzbank announced the deal this morning, giving the French ETF manager — a subsidiary of Societe Generale — a vital toehold in the large German market for ETFs. The deal is subject to approval by tax authorities, which SocGen expects will happen soon.