This article was originally published on ETFTrends.com.
ARK Invest has shaken up the management of its passive ETF offerings by removing CIO Cathie Woods from the day-to-day management of the funds.
As of September 2022, the $196 million 3D Printing ETF (PRNT) and the $112 million ARK Israel Innovative Technology ETF (IZRL) are managed by William Scherer, who serves as portfolio manager of the index funds at ARK Invest, according to regulatory filings. Scherer, who has been employed by ARK since 2014, is a trading manager at the firm.
"With the move, Wood can focus more of her attention on the actively managed suite of disruptive innovation ETFs and showcase the firm's bench,” Todd Rosenbluth, head of research at VettaFi, said.
Wood serves as portfolio manager of the actively-managed funds in addition to her role as CIO. The firm’s active offerings include the $8.4 billion ARK Innovation ETF (ARKK), the $2.8 billion ARK Genomic Revolution ETF (ARKG), the $1.4 billion ARK Next Generation Internet ETF (ARKW), the $1.1 billion ARK Autonomous Technology & Robotics ETF (ARKQ), the $914 million ARK Fintech Innovation ETF (ARKF), the $294 million ARK Space Exploration & Innovation ETF (ARKX).
The firm recently announced plans to scale its research department, promoting five current associates to new roles, in addition to bringing on five new research associates.
Wood said in a statement the reorganization will help the firm scale the team and develop deeper expertise in various research domains while surfacing convergences between and among technologies that are creating S-curves feeding S-curves.
“We believe this reorganization will strengthen the lines of communication between our research and portfolio management teams as ARK scales. To that goal, we will be investing in talent, adding five new Research Associates who will report to our newly appointed Directors,” Wood added.
For more news, information, and strategy, visit the Disruptive Technology Channel.
POPULAR ARTICLES AND RESOURCES FROM ETFTRENDS.COM