Actively managed exchange traded fund (ETF) provider Grail Advisors has signed a letter of intent with a prospective partner to acquire its line of ETFs.
Grail CEO William Thomas couldn’t share the name of the prospective partner, but told us this morning that a decision would likely come down in the next two to four weeks.
Instead, Thomas said, Grail is looking to focus its efforts on new products and opportunities, such as the forthcoming Grail Western Asset Ultra Short Duration and Grail DoubleLine Emerging Markets Fixed Income ETFs.
“It’s important that our existing shareholders and prospective shareholders know new opportunities are in the works,” Thomas said.
Thomas said Grail is pleased with its prospective partner and that it would be a strong fit for what Grail is trying to do.
“We like this firm, because their objectives and belief in active ETFs is as strong as ours. They see the opportunities.”