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Goldman Sachs Asset Management (GSAM) has appointed Simon Hutcheson as head of international ETF strategy and development.
Hutcheson arrives at Goldman Sachs after spending seven years at State Street Global Advisors, most recently as head of ETF product for EMEA and APAC. He started at SSGA in 2017 as senior ETF product developer. Earlier in his career, Hutcheson held various roles at Citi and Deutsche Bank, including vice president of fund structuring at Citi.
The hiring comes as Goldman Sachs looks to expand its participation in the ETF market, and amid a reshuffling in the management team overseeing this part of its business. The investment banking giant ranks among the top 20 ETF issuers, with 43 funds that manage more than $35 billion in assets.
In May, the company recruited Bank of America veteran Jessica Lana to join GSAM’s ETF distribution team. Her hiring followed the naming of Bryon Lake as global head of ETF solutions in May. Lake is credited with helping build JPMorgan Chase & Co.’s ETF business into the sixth largest, with 62 funds and assets of $160.2 billion.
Goldman Sachs Departures
Lake’s hiring followed the February departure of Ryan O’Connor, who ran all aspects of Goldman’s ETF product platform, and joined rival ETF firm Global X as chief executive. Goldman’s global ETF head Mark Crinieri, left earlier this year, the Financial Times reported.
In June, Goldman announced that its EMEA ETF head Peter Thompson would retire.
Goldman has introduced a handful of ETFs over the past year, including four muni bond funds in July and a global green bond fund in February. In November 2022, the company announced the creation of an accelerator to help other firms move their exchange-traded funds to market.
Goldman’s largest fund is the $12.3 billion Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF (GSLC).
At the time of the Thompson announcement, a Goldman spokesperson called “ETFs….an important part” of its “growth plans,” and said that the firm would be “delivering innovative ETF solutions to meet our clients’ objectives.”
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