Prudential files for first ETF
PGIM Investments, the $1 trillion asset management arm of life insurance giant Prudential Financial, has officially filed for its first exchange-traded fund (ETF), the PGIM Ultra Short Bond ETF, according to a Securities and Exchange Commission (SEC) filing.
The firm first started exploring ways to build an ETF business in the US after gaining regulatory approval to start some funds, a person familiar with the matter told Bloomberg in September last year.
The fund, which invests primarily in investment grade debt, will be managed by Joseph D’Angelo and Douglas G. Smith.
NY Life revamps ETF boutique's top team
New York Life Investment Management (NYLIM) has revamped its top leadership team at IndexIQ, the ETF boutique it acquired in 2014.
Jon Zimmerman, currently the head of ETF product development at NYLIM, has been named IndexIQ's chief operating officer, a newly created role.
Prior to joining NYLIM in 2015, he worked for Morgan Stanley’s equity capital markets and wealth management divisions.
Zimmerman and Sal Bruno, IndexIQ's current chief investment officer, will now oversee the business as part of the leadership transition.
They report to Kirk Lehneis, NYLIM's chief operating officer who oversees NYLIM's mutual fund and ETF operations.
These changes will also see IndexIQ’s founders Adam Patti and David Fogel, who have been serving as the firm’s chief executive and president respectively, step down and serve as senior advisors. Patti and Fogel will also report directly to Lehneis.
New Style leader
Research and analytics firm Style Research has hired Sebastian Roussotte as chief executive.
Roussotte succeeds Kirsten English who was appointed for the role in 2015 and has since become a non-executive director of the firm.
She is now responsible for looking after partnership, merger and acquisition opportunities.
‘With the mandate to explore global partnership opportunities, I look forward to supporting Sebastian and the board as we strive to deliver superior value to both shareholders and clients,’ she said.
Roussotte was most recently general manager of the investment management division at global fin-tech firm Misys, where he led an institutional division which focused on the company’s software business with asset managers, hedge funds and sovereign wealth funds.
Style Research is a UK-based portfolio solution firm which provides research and portfolio analysis applications to investment managers, hedge funds, consultants, custodians and advisors.
Bernie Nelson, Style Research president, North America, has been a regular contributor to Citywire USA. You can read some of his columns here.