Related: ETF Fee War Being Exported Across to Europe
As part of the deal, Fulton will become head of global ETFs for Turner while Jordon Golz, another Elkhorn executive, will be head of product for global ETFs.
Erik Hagar, a Turner’s principal and senior portfolio analyst, said the shift into ETFs away from active management in general has been in the works as the fund provider experienced greater fee pressures and uneven investment returns, which contributed to billions of dollars in outflows over the past decade, reports Randy Diamond for Pensions & Investments. At its peak, Turner managed over $30 billion in assets.
“We as a firm are acknowledging our industry has changed,” Hagar told P&I. “We acknowledge that ETFs are growing AUM while mutual fund assets flow industrywide is flat to negative.”
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