Global X ETFs has appointed a new chief executive after the firm saw its senior leadership depart from the firm.
Ryan O’Connor, formerly global head of ETF product at Goldman Sachs Asset Management, has taken on the top job, after previous CEO Luis Berruga left the firm in November.
Berruga, who had worked at the firm for almost a decade, left abruptly last year, citing the desire to spend more time with friends and family. Thomas Park, co-CEO of Global X’s parent company Mirae Asset Global Investments, then took on an interim CEO role.
Following Berruga’s departure, COO John Belanger stepped down a week later, while CIO Jon Maier and head of finance Ronnie Riven left just last week.
Global X specialises in ETFs, or exchange traded funds, and in recent years has ridden the wave of investment into passive funds.
However, the firm has struggled with its large range of funds, with Morningstar naming it as the fourth largest ‘wealth destroyer‘ of any firm over the last ten years, alleging it had lost $4.6bn in value for shareholders over the last decade.
Last month, the firm announced it would be liquidating 19 index funds, or 18 per cent of its funds, as inflows dropped to their lowest in five years. It also withdrew an application to the US Securities and Exchange Commission to launch a spot bitcoin ETF.
Hyeon-Joo Park, founder and global strategy officer of Mirae Asset, said: “Mirae Asset continues to view Global X as an innovator and a critical part of its growth and success. It is our desire to take Global X from a rising star to a clear-cut leader in the ETF industry.
“Over the past few months, we have kicked off a journey to strategically reposition the firm in order to jumpstart momentum and accelerate the business. By doing so, Global X has renewed agility, a re-focus on its core competencies and a clear emphasis on its client base.”