Invest n Retire has hired a veteran of the exchange traded fund industry to help the company produce innovative ETF retirement strategies and carve out a larger piece of the huge 401(k) market.
The 401(k) ETF provider hired former State Street Global Advisors president Agustin J. “Gus” Fleites as its chief executive officer, reports Joe Morris for Ignites. He also worked at ProShares as the company entered the ETF space. Fleites was more recently the managing director of Beta Capital Advisors.
“Mr. Fleites brings an exceptional amount of knowledge and experience to INR,” Darwin Abrahamson, Founder and President of Invest n Retire, said in a press release. “He is ideally suited to lead this company into the future and towards its goal of delivering the next generation of retirement plans.”
“We’re committed to serving the best interests of plans and participants by delivering the most superior technology at the lowest cost,” Abrahamson added. “Mr. Fleites has the experience and knowledge to bring this solution, on a large scale, to those who need it most; the millions of American companies who have felt underserved by their retirement plans.”
Invest n Retire patented a method of managing tax-deferred retirement accounts that diminishes ETF transaction costs last year. [ETFs Make Strides in 401(k) Plans]
“INR brings together the unique opportunity to marry the benefits of asset allocation, passive management, and technology to begin to close our nation’s substantial retirement savings gap,” Fleites said in the press release.
For more information on ETFs in 401(k)s, visit our 401(k) category.
Max Chen contributed to this article.