Asset managers boost ETF assets via active fund launches, conversions
- Large, established asset managers that have been slow to cash in on investor demand for exchange-traded funds are now trying to grab a slice of the market with a flurry of new ETFs and also by converting existing mutual funds into ETFs.
Around 75% of the 376 new ETFs launched this year through Oct. 6 were active, according to Morningstar Direct. That means that rather than tracking an index, a manager or team is selecting assets aimed at reflecting an investment strategy or outperforming a specific benchmark. "Some industry participants are playing catch-up," said Brendan McCarthy, head of ETF distribution at Goldman Sachs Asset Management which launched a small cap active ETF last week. It manages six other active ETFs, and 36 ETFs in total.
“We think this is something distinctive, that draws on our analytical knowledge of the market,” said Matthew Kaufman, who joined Calamos in January to head its fledgling ETF business.
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