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The $43bn exchange traded fund manager Global X has tapped an industry veteran from Goldman Sachs to become its chief executive after a wave of executive departures and lay-offs.
Ryan O’Connor will take over on April 8 after spending seven years with Goldman Sachs Asset Management, most recently as global head of ETF product, the company said in a statement. He previously worked for more than a decade with State Street Global Advisors.
Global X, owned by Seoul-based Mirae Asset, has 91 funds and ranks in the top 14 US managers of ETFs by assets. The company has been without a permanent CEO since November after the departure of Luis Berruga, who had spent five years as chief executive and about a decade with the firm.
Berruga’s resignation was followed by exits of executives including chief investment officer Jon Maier, chief operating officer John Belanger and head of finance Ronnie Riven. Global X also cut staff levels by 10 per cent.
ETFs are bundles of equities, bonds and other assets that trade throughout the day on stock exchanges. New York-based Global X offers ETFs on a variety of assets, including niches such as uranium, US infrastructure and robotics and artificial intelligence.
The company said last month it would liquidate 19 ETFs representing nearly 20 per cent of its line-up but fewer than 1 per cent of its assets. It also withdrew an application to launch a spot bitcoin ETF after the US Securities and Exchange Commission approved 10 others.
O’Connor, who was not available for comment, will take over for Thomas Park, a Global X board member and co-CEO of Mirae’s US business who has served as interim leader of the business.
“Over the past few months, we’ve kicked off a journey to strategically reposition the firm in order to jump-start momentum and accelerate the business,” said Park Hyeon-Joo, founder and global strategy officer of Mirae, in a statement. “By doing so, Global X has renewed agility, a refocus on its core competencies and a clear emphasis on its client base. Now is the right time to bring in new leadership.”
O’Connor will be leaving Goldman Sachs Asset Management as the firm undergoes a reorganisation, in December forming a global product strategy group to be oversee new public markets offerings.
“We have a strong bench within the ETF team and we will replace Ryan’s role,” Goldman Sachs said.
