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Wednesday, January 13, 2010

Ex-Janus CEO Goes for the Grail

Reported by Patricia Kelly

Since packing his bags and heading for the exit at Janus Capital Group in July, Gary Black has been anything but idle. The next chapter in store for Black will feature Grail Advisors, which named Black to its Advisory Board on Wednesday.

Black spent five years at Janus and held the reigns as CEO from January 2006 until July 2009. Since then he formed Black Capital Management, a money management firm aimed at offering traditional long-only and absolute-return strategies to retail and institutional clients, in October 2009. Prior to joining Janus in 2004 as president and CIO, he honed his skills at Goldman's asset management arm and Alliance Bernstein's institutional business.

San Francisco-based Grail Advisors, a pioneer of actively managed ETFs, also revealed on Wednesday that the firm plans to launch a series of actively managed funds in early 2010.

“It's clear to me that Grail Advisors is out in front of the fund industry with its actively-managed ETF product,” stated Black. “I'm keenly interested in helping the firm stay on the leading edge of this product evolution.”

Company Press Release

*SAN FRANCISCO–January 13, 2010--*Grail Advisors, an innovator in the development and distribution of active-managed exchange traded funds (ETFs), today announced that Gary Black, former CEO of Janus Capital Group, is joining the firm’s Advisory Board.

Grail Advisors launched the industry’s first true, actively-managed equity ETFs earlier this year, including a suite of single-manager ETFs using traditional active management—/RP Growth ETF /(NYSE: RPQ)/, RP Focused Large Cap Growth ETF /(NYSE: RWG)/, RP Technology ETF /(NYSE: RPX)/, and RP Financials ETF /(NYSE: RFF)—and the /Grail American Beacon Large Cap Value ETF /(NYSE: GVT). The firm will unveil a series of actively-managed fixed-income ETFs in early 2010.

“Having an experienced executive like Gary Black join our team is a solid validation of the Grail Advisors business strategy,” said William M. Thomas, CEO of Grail Advisors LLC. “We are changing the face of managed investments and Gary’s presence will help us build momentum.”

Mr. Black spent five years at Janus, joining the firm in April 2004 as President and Chief Investment Officer, and was named CEO in January 2006. Prior to Janus, Black was Chief Investment Officer of Global Equities and a partner at Goldman Sachs in its asset management division. Previously, he served as Executive Vice President and global head of the institutional business for Alliance Bernstein. Black started his investment career as a senior research analyst in 1992 at Sanford C. Bernstein & Co.

In October, Mr. Black launched a new money management firm, Black Capital Management, an SEC-registered company that will offer traditional long-only as well as absolute-return strategies to both retail and institutional investors.

“It’s clear to me that Grail Advisors is out in front of the fund industry with its actively-managed ETF product,” said Black. “I’m keenly interested in helping the firm stay on the leading edge of this product evolution.”

San Francisco-based Grail Advisors will add new funds throughout 2010. Mr. Thomas says Grail Advisors is currently in discussions with a number of leading financial institutions and asset managers, and expects to launch a number of customized, actively-managed ETFs that will provide full, daily disclosure on all holdings.

*About Grail Advisors LLC

* Grail Advisors LLC, an innovator in the creation and distribution of actively managed Exchange Traded Funds, partners with established asset managers, distributors, and related financial institutions to design and deliver actively managed ETFs. Grail Advisors was created to deliver ETFs using fully disclosed active portfolio management to the global investment community. More information is available at www.grailadvisors.com.

William M. Thomas is a registered representative of ALPS Distributors, Inc.


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