Citywire Americas rounds up the biggest news in the funds and Ucits universe, as reported by Citywire’s global publications.
He’ll be joining the UK asset manager as its head of strategy for multi-asset in June.
Wells Fargo Asset Management accelerated its multi-asset efforts with the hiring of two senior portfolio managers from Schroders to complement a spate of hires made over the past year.
In this latest move, Schroders’ heads of advanced beta, Peter Weidner, and portfolio construction, Mark Brandreth, will join the team under Nico Marais, head of multi-asset solutions at Wells Fargo.
Weidner has been added as head of factor solutions, while Brandreth will work as a senior portfolio manager. The duo will design solutions with an emphasis on portfolio construction, as well as using risk and alternative risk premia for clients.
Marais, who was also formerly at Schroders, joined Wells Fargo AM at the start of 2017 with a remit to develop the company’s multi-asset arm. The ambition, Marais said, was to turn Wells Fargo AM into an ‘innovator in the industry’, which has led to a wave of new appointments.
Mirae Asset Global Investments agreed to buy New York-based exchange-traded funds (ETFs) provider Global X.
Mirae Asset, a part of South Korea-based Mirae Asset Financial Group, already owns a number of ETF providers in other countries, such as Horizon in Canada, BetaShares in Australia, and Tiger ETF in Asia.
These combined businesses have assets under management of $31 billion, a figure that will be boosted by around $10 billion as a result of the Global X deal.
Global X was founded in 2008 and JP Morgan Asset Management took a minority stake in the business in April 2016. This holding has been acquired by Mirae as part of the deal.