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Rating:Two Vanguard ETF Gurus Will Power Another Shop's Charge Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, February 19, 2015

Two Vanguard ETF Gurus Will Power Another Shop's Charge

News summary by MFWire's editors

An active mutual fund giant is pushing into ETFs, with help from the second biggest ETF player in the business.

Yesterday Thoms Hoops, executive vice president of business development for Legg Mason [profile], confirmed the addition of Brandon Clark and Rick Genoni as the ETF product strategy chiefs for the Baltimore-based, publicly-traded mutual fund shop. Clark previously led Vanguard's ETF capital markets group, while Genoni led Vanguard's index and ETF product management team.

Dave Hoffman, a spokesman for Vanguard, declined to comment on Clark and Genoni's departure. He noted that Vanguard brought in $75.3 billion in net cash flow into its ETFs in 2014.

"We continue to see strong and consistent flows this year," Hoffman tells MFWire. "We have a deep and talented bench."

Bloomberg, InvestmentNews, Pensions & Investments, and Reuters all reported on Clark and Genoni's move. A Legg Mason spokeswoman confirmed to Bloomberg that the duo will start next month and will report to Hoops.

Just what is Joe Sullivan, Legg Mason's CEO, up to in the ETF arena? Hoops hints, and Bloomberg agrees, that it is active ETFs "and strategies designed to outperform benchmarks" that interest Sullivan, not normal passive ETFs.

"The ETF vehicle continues to evolve beyond the delivery of traditional index-based passive products and we want to have the ability to offer an ETF vehicle where it is beneficial to clients and consistent with our affiliates' existing investment process," Hoops stated. "At the same time, we believe there is also significant opportunity to create innovative new products within the ETF structure to solve client needs."

Active ETFs have tempted Legg Mason at least as far back as 2009

Edited by: Neil Anderson, Managing Editor


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