People Moves

JP Morgan AM global ETF head poached by Goldman Sachs AM

JPMAM has amassed a 44% market share of European active ETFs since entering in 2018

Jamie Gordon

Bryon Lake

JP Morgan Asset Management (JPMAM) global head of ETF solutions Bryon Lake has joined Goldman Sachs Asset Management (GSAM).

Lake's (pictured) role has not been confirmed but he is expected to be responsible for a broader remit across the asset management client business, according to the Financial Times.

His arrival follows the departure of GSAM global head of ETFs Mike Crinieri earlier this year. Brendan McCarthy will remain the firm's head of ETF specialists and capital markets. Lake’s successor has not been named but JPMAM CIO and head of asset management solutions Jed Laskowitz will oversee its ETF division in the interim.

Based in London, Lake did not directly manage any ETF portfolios or investments.

A JPMAM spokesperson said on Tuesday: “Bryon Lake has informed us of his intention to leave the firm and we wish him well in future endeavours.”

His tenure coincided with the firm’s entry into European ETFs in 2017 and its surge to becoming the continent’s largest issuer of active ETFs with a 44% market share by the end of March, according to data from Morningstar.

After joining as head of international ETF, Lake was promoted to head of Americas ETF client in 2020 and global head of ETF solutions a year later.

The firm’s US ETF assets under management (AUM) almost tripled from $59.9bn to $150bn during Lake’s three years leading its global ETF push, according to data from Morningstar.

Lake is also credited with leading the firm’s success in active ETF strategies including its research enhanced and premium income suites.

Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, told Bloomberg News: “If you were looking to lead your ETF business, he has to be on a very short list of people you think of.

“He really combined high-quality brand-name active for a more Vanguard-ian fee and that is a powerful combination.”

Prior to JPMAM, Lake spent almost 12 years at PowerShares by Invesco, latterly with four years as head of Invesco PowerShares EMEA.

His departure comes a month after JPMAM hired former Global X CIO Jon Maier as chief ETF strategist.


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