Source: Wall Street Journal
Compiled by: BitpushNews Mary Liu
At least six executives have left Global X ETFs in the past three months, causing chaos at the $42 billion fund manager best known for its thematic ETFs.
Global X Chief Investment Officer Jon Maier
A company spokesman said Global
According to public information, Jon Maier joined Global X from Merrill Lynch in 2017. Maier is a legend in the ETF industry who helped grow assets in Merrill Lynch's model portfolios from less than $1 billion to more than $40 billion, earning the strategies the moniker "Maier Models."
The replacement of Global X’s top management began at the end of last year.
Last November, CEO Luis Berruga decided to leave, and COO John Belanger also left Global X a week later. This was followed in December by the departures of human resources chief Crystal Christy and Bruno Stein, who was responsible for Brazil operations.
According to people familiar with the matter, the executive change has triggered concerns among Global X employees about the growing influence of its Korean parent company and the conflict between two different cultures. Global X was acquired by asset management giant Mirae Asset Global Investments in 2018.
Mirae appointed Thomas Park, nephew of Mirae founder Park Hyeon-Joo and co-CEO of Mirae's U.S. business, as interim CEO of Global X late last year. Shortly after he took over, Global X laid off about 10% of its employees.
People familiar with the matter said these layoffs mainly affected the digital assets team.
Global
The fund manager also said in January it would liquidate 19 ETFs, which will cease trading next week. Funds that have closed include ETFs focused on the China market and thematic funds offering everything from the cannabis industry to health and “green building.”
The spokesperson said: "For any business, leadership changes in the short term can be difficult. Global X is an integral part of Mirae Asset's future and growth. We remain committed to being an innovative leader in the global ETF industry."
Global X is the 14th largest ETF issuer in the United States, behind Fidelity Investments , according to data provider VettaFi. It has had success in offering niche funds but has chosen not to compete with large asset managers like BlackRock and State Street in low-cost, broad stock market funds.
Todd Rosenbluth, head of research at VettaFi, said Global Achieved profitability in 2023.
Global X's largest fund invests in Nasdaq 100 stocks and also sells options in a covered call strategy designed to generate additional income for investors. It also operates popular equity funds focused on infrastructure development, robotics and artificial intelligence.
Headquartered in Seoul, Mirae was founded in 1997 and manages approximately US$600 billion in assets. In early 2020, it sold a minority stake in Global
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