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Monday, December 10, 2012

Kranefuss Returns, With Private Equity

News summary by MFWire's editors

iShares' [profile] ex-chief is getting back into the ETF game, this time via a private equity firm.

Lee Kranefuss is joining Warburg Pincus as an executive in residence, to guide the $30-billion firm’s entrance into the ETF space, according to a report from the Financial Times.

Kranefuss previously led iShares from its 2000 launch through 2010. The FT report says Kranefuss was brought in to consider opportunities to get into the ETF market in Europe, Asia and Latin America.

The story was also covered by Financial News, and you can read the company news release below.


Company Press Release

Financial Services Executive Lee Kranefuss Joins Warburg Pincus As Executive-in-Residence

Former CEO of iShares to Identify and Evaluate Financial Services Investments

NEW YORK and LONDON, Dec. 10, 2012 -- /PRNewswire/ -- Warburg Pincus, a leading global private equity firm focused on growth investing, today announced the appointment of Lee Kranefuss as an Executive-in-Residence (EIR). Mr. Kranefuss will work to help Warburg Pincus identify and evaluate investment opportunities in the areas of exchange-traded funds (ETFs), index investing and asset management, particularly in Europe, Asia and Latin America.

Mr. Kranefuss was the architect and Global Chief Executive Officer (CEO) of iShares, part of Barclays Global Investors (BGI), where he built the largest global ETF platform. Mr. Kranefuss oversaw the global expansion of iShares from launch in 2000 to over $600B in assets in 2010. While at BGI, Mr. Kranefuss was a member of the Executive Committee, and – in addition to running iShares - managed all of BGI's institutional indexing, money market, asset allocation, portfolio restructuring, securities lending and private equity businesses, which comprised total assets of more than $1.5 trillion. Subsequent to the acquisition of BGI by BlackRock, Mr. Kranefuss worked on post-merger integration and transition management before departing BlackRock in 2010.

Mr. Kranefuss commented, "I am pleased to join Warburg Pincus, a firm with a global track record and experience backing world-class management teams in the financial services sector. ETFs and passive investing are powerful investment tools globally, and continue to see long-term inflows. However this is a time of flux and opportunity in the ETF industry. The time is ripe to create a large-scale, global, and independent ETF provider that will provide the truly attractive and innovative product – and the support behind it – that ETF investors demand."

Cary J. Davis, Managing Director, Warburg Pincus added, "As one of the true leaders of the global ETF industry, Lee brings years of invaluable knowledge and experience and we are pleased to welcome him to Warburg Pincus as an EIR."
 

Edited by: Ben Geier


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