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Big ETF Industry News: Jim Ross Named Chairman of New Global SPDR Business
State Street Global Advisors (SSGA), the asset management business of State Street Corporation (NYSE: STT), today announced that it has strengthened its ETF business globally through new roles for several leaders and by unifying distribution and infrastructure accountability under a new Global SPDR business.
Jim Ross, current head of SSGA’s SPDR ETF Business and Intermediary Distribution, has been named chairman, Global SPDR and SSGA Funds Management. Nick Good, current chief operating officer of the North American Intermediary Business Group, and Rory Tobin, current head of European Distribution, will now each become co-heads of Global SPDR.
“Jim is already an important and influential thought leader in the ETF industry and now he will be taking on an even more active role in advancing our ETF strategy and shaping the global ETF markets,” said Ron O’Hanley, president and chief executive officer of SSGA.
Related: Is the NYSE Losing Its Luster for ETFs?
“Nick and Rory are industry veterans who will now have executive responsibility and accountability for Global SPDR,” added O’Hanley. “Under this new structure and leadership team we can build on our past success, while responding more quickly to client demands.”
Ross said as ETF markets evolve globally and product innovation continues to rapidly expand throughout the industry, investors now more than ever need to strengthen their understanding of the long-term value of ETFs.
“SSGA has been a partner with our clients since the early days of index investing, and I look forward to spending more of my time sharing our point of view on how together we will continue to shape better outcomes for investors,” Ross said.
News & Notes From The KCG ETF Team
Nice day in the market on Tuesday – the best in weeks with energy bouncing.
US Futures are down a bit, Europe is trading down and Asia closed mixed. Oil and Gold up a bit… Oil was up 2.81% yesterday, weekly crude inventory comes out this morning.
Staples (SPLS) and Office Depot (ODP) are down big after a judge ruled against a merger.
Related: Emerging Markets ETFs: Why You Should Oppose the Pros
Disney also missed their number, as KCG spoke about the potential yesterday, watch the Discretionary ETFs: SPDR Consumer Discretionary Select Sector Fund ETF (XLY), Vanguard Consumer Discretionary Sector ETF (VCR), iShares S&P Global Consumer Discretionary Sector Index Fund ETF (RXI) and JHancock Multifactor Cnsmr Discret ETF (JHMC).
Watch Brazil today, they are voting to impeach their President, if they vote yes, the President will have to step down for 180 days. The potential impeachment didn’t stop Brazil yesterday, the fund was up 5.5% and traded over 22 million shares, which is about average.
[related_stories]Some interesting other countries were active Tuesday such as iShares Currency Hedged MSCI Japan ETF (HEWJ) traded 6x avg, looked to be the buy.
KCG also saw a rotation out of individual country ETFs such as iShares MSCI France Index Fund ETF (EWQ), iShares MSCI United Kingdom Index Fund ETF (EWU) and iShares MSCI Spain Index Fund ETF (EWP).