Oct. 13 (Bloomberg) -- Eaton Vance Corp. named Stephen W. Clarke, a former executive at Old Mutual Asset Management, to head a new unit in charge of developing actively managed exchange-traded funds.
Clarke, 47, led a group of institutional and alternative investment affiliates at the money-management unit of London- based Old Mutual Plc for more than a decade, Boston-based Eaton Vance said today in a statement. He will be president of the firm’s Navigate Fund Solutions unit.
Eaton Vance purchased the assets of Managed ETFs LLC, a developer of actively managed ETFs models, in November. The assets include patents on proposed ETFs that would operate without disclosing holdings every day. ETFs currently are required to reveal most of their holdings daily, an obligation that has discouraged the development of actively managed ETFs.
BlackRock Inc., the world’s largest money manager, asked the U.S. Securities and Exchange Commission on Sept. 1 for permission to open active ETFs that wouldn’t reveal holdings daily. Eaton Vance hasn’t filed any similar proposals with the SEC, according to Colleen Lavery, a company spokeswoman.
ETFs typically track an index and trade throughout the day on an exchange, like stocks. Active ETFs seek to combine the skill of a manager selecting investments with the trading flexibility, lower fees and tax advantages of ETFs.
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