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Rating:A $203B-AUMS Firm Will Buy a Direct Indexer Not Rated 5.0 Email Routing List Email & Route  Print Print
Thursday, July 14, 2022

A $203B-AUMS Firm Will Buy a Direct Indexer

Reported by Neil Anderson, Managing Editor

A $203-billion-AUMS (assets under management or supervision) (as of May 31) ETF shop (which also offers SMAs, CEFs, and traditional mutual funds) is preparing to buy a four-year-old direct indexer.

Ryan O. Issakainen
First Trust Portfolios L.P.
Senior Vice President, ETF Strategist
On July 6, Ryan Issakainen, senior vice president and ETF strategist at First Trust Portfolios L.P., and Jim Dilworth, co-founder and managing partner at Veriti Management LLC, confirmed that First Trust's First Trust Capital Partners, LLC arm has agreed to buy Veriti. The deal is expected to close on July 31.

Berkshire Global Advisors advised Veriti on the deal. Chapman and Cutler LLP provided legal counsel to First Trust, while Nixon Peabody did so for Veriti.

"Customization through direct indexing empowers the advisor to deliver personalized and tax-advantaged solutions that better align with the investment objectives, values and interests of their clients," Issakainen states.

"Veriti, teamed with a renowned ETF provider and asset management leader in First Trust, will empower advisors and institutions to address their clients' investing preferences at a far deeper, more personalized level," Dilworth states. 

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