A giant, multinational asset manager is acquiring a U.S. ETF business and preparing to nearly double its U.S. ETF lineup.
| Kevin Kelly|
Recon Capital Advisors
Chief Investment Officer & Managing Partner
of Recon Capital Advisors
confirms that, once the firm merges into Mirae's
] Horizon ETFs Management USA
(the deal is expected to close by the end of January), more ETFs are coming. Combined, Horizon and Recon currently have five U.S. ETFs with about $150 million in AUM total.
"We're looking to significantly increase that," Kelly tells MFWire
. "We're looking to launch about three to four more products within the first half of the year. We have a nice business plan and model."
On November 1, New York City-based Horizon unveiled
to buy Recon Capital Advisors from Stamford, Connecticut-based Recon Capital Partners
. Kelly confirms that, once the deal closes, Horizon will have nine people in the U.S.: five from Recon, two from Horizon prior to the deal, and two new hires.
"The entire team is coming over," Kelly says.
Kelly, currently chief investment officer at Recon Capital Advisors, and Garrett Paolella
, CEO of RCA, will lead Horizon's U.S. ETF business as managing directors, reporting to Taeyong Lee
, president and global head of Mirae Asset Global Investment's ETF business.
The combined U.S. operation will use the Horizon ETFs Management (USA) brand going forward, not the Recon Capital Advisors brand.
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