As it inches closer to launching its own lineup of exchange traded funds, Goldman Sachs (NYSE: GS) is pilfering talent from some soon-to-be ETF rivals.
On Friday, it was reported that Goldman Tony Kelly from BlackRock (NYSE: BLK) to lead its ETF product development effort.
“Kelly, who spent 15 years working in the iShares ETF business at Barclays Plc and BlackRock, will join Goldman Sachs as a managing director, reports Michael Moore for Bloomberg, citing an internal Goldman memo.
In a May filing with the Securities and Exchange Commission, New York-based Goldman Sachs revealed tickers and fund managers for its six “ActiveBeta” ETFs as well as tickers for its five passively managed ETFs.
Goldman’s planned actively managed funds include the Goldman Sachs ActiveBeta International Equity ETF (GSIE), Goldman Sachs ActiveBeta Emerging Markets Equity ETF (GEM), Goldman Sachs ActiveBeta Europe Equity ETF (GSEU), Goldman Sachs ActiveBeta Japan Equity ETF (GSJY), Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF (GSLC) and the Goldman Sachs ActiveBeta U.S. Small Cap Equity ETF (GSSC). [Goldman Wins ETF Approval]
Goldman’s index-based ETFs will include hedge fund strategies, such as a long-short product, an event-driven fund and other hedge fund tracking products.
Kelly helped develop more than 100 iShares ETFs while at BlackRock, according to Bloomberg. iShares is the world’s largest ETF issuer.
ETF Trends editorial team contributed to this post.