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Pathways to ETFs for Mutual Fund Managers

original air Date:Tuesday, july 27, 2021

Start Time:on demand

Duration:90 minutes

DESCRIPTION:


The modernization of the SEC’s regulatory regime for ETFs has leveled the playing field for active and passive fund managers by facilitating a consistent framework for innovation. Mutual fund managers have several new pathways to consider when delivering their investment strategies to the marketplace: retain their mutual fund only strategy, undertake conversion of their mutual funds to ETFs, or clone their mutual funds to co-exist alongside ETFs. Please join ICI, Cboe and leading financial experts to learn about navigating these pathways to provide optimal solutions for your clients.

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Speakers

Reginald Browne

Head of ETF Market Making

GTS-Mischler

Reginald Browne is the Head of ETF Market Making at GTS-Mischler. Prior to joining GTS, Reginald was a Senior Managing Director at Cantor Fitzgerald and Co. He was Managing Director of the ETF Team and Global Co-Head of The Listed Derivatives Group at Knight Capital Group, Inc. Reginald joined KCG in 2009 from Newedge USA. He began his career at O'Connor & Associates, is a 15-year ETF Industry veteran with a core focus on market-marking and institutional sales, and received a B.S. in Finance from La Salle University.

Jana L. Cresswell

Partner

Stradley Ronon

Jana Cresswell advises investment management clients on regulatory matters, state and federal securities law compliance, and general corporate matters. She focuses her practice on providing comprehensive and practical advice to investment advisers, mutual funds and closed-end investment companies with respect to compliance with the 1940 Act, as well as other federal and state laws and regulations. She provides guidance regarding the formation, structure and registration of investment companies; the preparation of disclosure documents provided to shareholders and filed with the SEC; service provider contracts; compliance policies and procedures; and board reporting. Jana also advises independent directors of investment companies in corporate governance and regulatory matters.

David Geonetta, CFA

Vice President, ETF Management & Strategy

Fidelity Investments

David Geonetta is vice president of ETF Management & Strategy at Fidelity Investments. Fidelity Investments is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing, and other financial products and services to institutions, financial intermediaries, and individuals. In this role, Mr. Geonetta is responsible for the ETF initiative, collaborating with others across the firm on development, management, and distribution of proprietary ETFs. Prior to assuming his current position in 2016, Mr. Geonetta was responsible for product strategy, development, management, and advocacy for various Fidelity sector equity strategies. He has been in the financial industry since 2005. Mr. Geonetta received his bachelor of science degree in business administration from the University of Denver and his master of business administration degree from Boston College. He is also a CFA charterholder.

Jane G. Heinrichs

Associate General Counsel

Investment Company Institute

Jane G. Heinrichs is an associate general counsel for the Investment Company Institute, where she is primarily responsible for legal and regulatory issues relating to exchange-traded funds, money market funds, and municipal securities. Before joining the Institute in 2004, Ms. Heinrichs was an associate in the asset management group at Shearman & Sterling LLP, providing legal and regulatory advice to registered investment companies, private domestic and offshore investment funds, investment advisers, broker-dealers, and other financial institutions. From 1997 to 2000, she worked as an attorney for the U.S. Securities and Exchange Commission, both in the Division of Investment Management and the Office of Compliance Inspections and Examinations. Ms. Heinrichs received a JD, magna cum laude, from the American University, Washington College of Law, and a BA in philosophy from Binghamton University.

Eric Pollackov

Global Head of ETF Capital Markets

Invesco ETFs

Eric Pollackov is the Global Head of ETF Capital Markets for Invesco ETFs. In this role, Mr. Pollackov proactively develops relationships with sell-side trading desks and Exchanges, implements capital markets strategies for Invesco's ETFs, and develops and measures the success of client business plans. Before joining Invesco in 2016, Mr. Pollackov was head of ETF capital markets for Charles Schwab Investment Management. Previously, he served as managing director of exchange-traded products at NYSE Euronext. He began his career as a derivatives trader for Susquehanna International Group (SIG), specializing in ETFs, options and futures trading. Mr. Pollackov earned a bachelor's degree from The State University of New York at Buffalo and holds the Series 7 and 24 registrations. Mr. Pollackov is also chair of the Securities Traders Association ETP Working Group and actively mentors post 9/11 veterans looking to enter the financial industry via American Corporate Partners (ACP).

Mark S. Roberts

Vice President, ETF Management and Strategy

Fidelity Investments

Mark Roberts is Vice President, ETF Management & Strategy at Fidelity Investments. In this role, he is responsible for managing the ETF Capital Markets and ETF Implementation teams and is based in Denver, CO. Prior to joining Fidelity in January 2013, Mr. Roberts led the ETF Product Development and Management team at Russell Investments from 2011 to 2012. Previously, he led various Product and Strategy teams with the iShares ETF business globally at BlackRock and its predecessor, Barclays Global Investors, from 1999 to 2011, and was an Investment Management and Securities Operations consultant at PricewaterhouseCoopers LLP from 1997 to 1999. He has been in the investments industry since 1997. Fidelity Investments is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing, and other financial products and services to more than 26 million individuals, institutions, and financial intermediaries.

Ed Rosenberg

SVP, Head of Exchange Traded Funds

American Century Investments

Ed Rosenberg is senior vice president and head of exchange-traded funds (ETFs) for American Century Investments®, a premier investment manager headquartered in Kansas City, Missouri. In his role, Ed is responsible for leading and executing the strategy for the American Century Investments and Avantis Investors® ETFs. Prior to joining American Century Investments in 2017, Ed was a senior vice president and head of ETF capital markets and analytics at Northern Trust’s FlexShares. Previously, he was director and head of capital markets and analytics at Russell Investments. He began his career in ETFs as an ETF product manager at Vanguard. Ed received a bachelor’s degree in business administration from Muhlenberg College and a master's degree in business administration from Pennsylvania State University. He speaks regularly at industry conferences and has appeared on Bloomberg Television, CNBC, Fox Business, Bloomberg Radio and The RIA Channel. He is often quoted in financial print media outlets, offering insights on the ETF industry.

Ryan Sullivan

SVP, Head of U.S. Exchange-Traded Fund Services

BBH

Ryan Sullivan is a Senior Vice President and head of BBH’s U.S. Exchange-Traded Fund Services. In this role, Ryan consults and partners with U.S. based ETF sponsors and new entrants to the ETF market, aligning BBH’s expertise with our ETF development efforts. Ryan brings significant financial services and ETF industry experience to BBH. Prior to joining the firm in 2015, Ryan held multiple roles at Charles Schwab Investment Management within the Strategy, Product Development, and Product Management teams. Ryan graduated from Saint Anselm College with a B.A. in politics and has a M.S. in finance (MSF) from the Sawyer Business School at Suffolk University.

Adam T. Teufel

Partner

Dechert LLP

Adam T. Teufel regularly advises registered investment companies (including mutual funds, exchange- traded funds and closed-end funds), their investment advisers, distributors and their boards of directors on a wide range of regulatory and corporate matters, such as the development and launch of new funds, regulatory compliance, fund governance, fund distribution and advertising, and fund/adviser reorganizations and acquisitions. He routinely represents funds and their advisers before the SEC and other regulators, and has expertise on issues arising under the Investment Company Act of 1940 and other federal securities laws pertaining to the asset management industry. Mr. Teufel has significant expertise with respect to exchange-traded funds (ETFs), other exchange- traded products and their advisers, including obtaining SEC exemptive relief, the organization and launch of new ETF complexes and novel ETFs, and advising on a wide range of operational and compliance issues unique to ETFs. Mr. Teufel is listed as a leading lawyer for registered funds in Chambers USA, which noted in its most recent edition that he is “called upon by investment companies to provide counsel on both corporate and regulatory issues surrounding ETFs and mutual funds. He provides legal advice which is implementable and important.” He has also been recognized by The Legal 500 (US) in the area of investment fund formation and management: mutual/registered funds.

Marc De Luise

Director, Listings

Cboe Global Markets, Inc.

Marc is Director of Listings at Cboe Global Markets. He delivers pre- through post- launch custom compliance, listing, and marketing solutions to help ETP issuers achieve their strategic product goals. Marc brings experience working with ETF and asset managers. In prior roles at the TMX Group, FTSE Russell, and Salomon Brothers Inc., he specialized in global equity market and thematic index research and development. As Head of the FTSE’s ETP Service Relationship Unit, he managed a custom index solutions team dedicated to serving ETF providers. As Director of Equity Portfolio Analysis at Salomon, Marc co-founded the Salomon Brothers Global Equity Index System (now the S&P Global BMI) which pioneered the use of the free-float weighting scheme used by all indices today. Marc holds an MBA from Fordham University and BA from Lafayette College.

Robert Marrocco

Senior Director, Listings

Cboe Global Markets, Inc.

Rob is the Senior Director on the Listings Team at Cboe Global Markets, one of the world’s largest exchange holding companies, offering cutting-edge trading and investment solutions to investors around the world. In his role, Rob's is responsible for supporting the company’s Global Listings franchise by developing strategy, business development, collaborating with issuers to list their securities in the US & Europe, and overseeing market quality incentive programs. Cboe is one of the largest U.S. markets for the trading of exchange-traded funds (ETF) and the largest pan-European equities exchange by market share and value traded. Rob began his career at the New York Stock Exchange (NYSE) where he held several positions, most recently on the Global Index and Exchange Traded Products team. Rob graduated with a Bachelor of Science in Finance from Saint John’s University.

Laura Morrison

Senior Vice President, Global Head of Listings

Cboe Global Markets, Inc.

Laura V. Morrison is Senior Vice President, Global Head of Listings at Cboe Global Markets, Inc. (Cboe). In her role, Morrison oversees the company’s listings business, developing strategy for new launches and transfers as well as overseeing the market quality incentive programs in the U.S. and Europe. An exchange industry veteran, Morrison joined Cboe from the New York Stock Exchange (NYSE) where she spent 20 years in leadership roles, most recently serving as Senior Vice President, Global Index and Exchange Traded Products, leading the team which managed ETF listings and trading, as well as the NYSE index business. Morrison played a leading role in bringing new and innovative ETF products to market while launching key market quality programs and growing the NYSE’s ETF issuer base to record numbers. Previously at NYSE, Morrison held senior-level positions as Managing Director, Member Firm Sales, and Managing Director, NYSE Global Listings Group. She also worked at a NYSE specialist unit, CMJ Partners L.P., after beginning her career at Barnett Bank in Fort Lauderdale, Florida. In 2018, Cboe Global Markets earned the Best North American Exchange for Listings ETFs by ETF Express under Morrison’s leadership. In 2017, she was awarded the Fund Marketer of the Year at the Mutual Fund Awards recognized for her efforts to help ETF providers compete with more established offerings. She also served on the founding board of Women in ETFs from 2015 to 2017 and remains instrumental in the growth of the organization. Morrison serves as a board member for the Borough of Manhattan Community College (BMCC) Foundation Board and the ICI ETF Advisory Committee. She is also a member of the Standard & Poor’s Index Committee. Morrison received a Bachelor of Science degree in finance with a minor in marketing from Western Michigan University. She holds a Series 7 license.

Kyle Murray

Vice President, Associate General Counsel

Cboe Global Markets, Inc.

Kyle manages legal activities for Cboe BZX Exchange’s ETP listings business, including oversight of the listings regulatory and compliance programs. As part of his responsibilities, Mr. Murray manages listings related regulatory filings and oversees the initial and continued listing processes, including direct supervision of the Listings Surveillance Department. Mr. Murray joined Cboe in 2017 as part of the acquisition of Bats Global Markets, Inc. Since joining Bats in 2008, Mr. Murray has also been heavily involved in the regulatory support of Cboe’s equites and options markets. Mr. Murray holds a JD and MBA from Saint Louis University and a BA in Political Science and Economics from the University of Kansas.

Victor Werny

Senior Analyst, Listings Team

Cboe Global Markets, Inc.

Victor Werny is a Senior Analyst on the Listings Team at Cboe Global Markets. Mr. Werny is tasked with managing the exchanges’ U.S. ETP Market Making programs, overseeing all inquiries involving ETP data and analytics, exploring new business opportunities within the ETP industry and covering issuer relationships. Mr. Werny graduated with a Bachelor of Science in Business Administration with Concentrations in Finance and Marketing from Binghamton University's School of Management.

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