A 13-year-old, $15.7-billion-AUMA (as of December 31) ETF strategist is teaming up with a key new ally to launch an ESG ETF-of-ETFs.
| Jeffrey Kent "Jeff" Seeley iM Global Partner Deputy CEO, Head of U.S. | |
On Tuesday,
Jeff Seeley, deputy CEO of iM Global Partner (
iMGP [
profile]), and
Richard Bernstein, CEO and chief investment officer of Richard Bernstein Advisors, LLC (
RBA),
unveiled the
iMGP RBA Responsible Global Asset Allocation ETF (IRBA on the
NYSE Arca). The
fund is a series of the
Litman Gregory Funds Trust. (iMGP bought Litman Gregory last year.)
The fund's Monday debut comes about half a year after iMGP
bought a big minority stake in RBA and a week after the iMGP and RBA folks
unveiled a pair of UCITs funds for the other side of the pond.
iM Global Partner Fund Management, LLC serves as investment advisor to the new fund, while RBA is its subadvisor. Berstein, RBA deputy CIO
Dan Suzuki, RBA director of investments
Matthew Griswold, and RBA director of ETFs
Henry Timmons will PM the new fund, an active ETF. It will be powered by a go-anywhere multi-asset strategy that mixes equities and fixed income by investing in between five and 30 ESG or SRI ETFs. (RBA calls their approach "Pactive," for actively investing using passive tools.)
The new ETF's expense ratio is 69 basis points. That includes a six-bps fee waiver that iMGP has promised to offer for at least a year.
Seeley describes the new fund as a potential "foundation for clients' long-term responsible ESG global allocations" and praises the RBA team's expertise in global asset allocation via ETFs.
"There is strong demand for a comprehensive solution that pulls together all the ESG and Responsible single ETFs available to advisors and investors into one globally diversified solution," Seeley states.
The new fund's other service providers include:
ALPS Distributors, Inc. as distributor and principal underwriter;
Cohen & Company, Ltd. as independent accounting firm;
Paul Hastings LLP as counsel; and
State Street Bank and Trust Company as administrator, custodian, securities lending agent, and transfer agent. 
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