Industry Updates

ETF Wrap: Industry giants reshuffle

State Street’s Fitzpatrick and Amundi’s Llinas moving to JP Morgan and Euronext, respectively, launches from Invesco and HSBC and crypto ETNs listing on LSE for the first time all made headlines this week

Lauren Gibbons

JP Morgan poached Ciaran Fitzpatrick from State Street as global head of ETF product management, where he will tasked with building out JP Morgan’s product solutions for active and passive ETF issuers.

In a statement, State Street said: “Ciaran has informed us of his intention to leave State Street at the end of July to pursue another opportunity and we wish him well”.

State Street added it is “actively” recruiting for Fitzpatrick’s replacement.

Meanwhile, Euronext hired Arnaud Llinas as head of ETFs and indices. Llinas – formerly head of ETFs at Amundi – will drive further growth in Euronext's expanding ETF business.

Fixed income frenzy

HSBC Asset Management launched four ETF share classes for its $12bn Global Aggregate Bond ETF, making it the third-largest fixed income ETF in Europe.

The HSBC Global Aggregate Bond UCITS ETF will offer hedged and non-hedged exposure in US dollar, sterling, euro and Swiss francs, boosting the firm’s assets under management to over $50bn.

Meanwhile, Invesco entered the fixed-maturity bond ETF market with five new products targeting US dollar-denominated corporate bonds maturing between 2026 and 2030.

Invesco follows BlackRock, DWS and Amundi in launching a range of fixed maturity ETFs.

Finally, Vanguard is considering launching active fixed income ETFs in Europe as it looks to ride the wave of the booming active market.

Crypto makes LSE debut

21Shares listed its first crypto ETNs on the London Stock Exchange (LSE) following FCA approval for professional investor access in March.

WisdomTree also listed bitcoin and ethereum products on the LSE.

To list in the UK, ETNs must be physically backed, non-leveraged and limited to bitcoin or ethereum exposures.

Retail investors remain banned from these products, deemed "ill-suited" by the UK watchdog.

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