Good morning,

A year after acquiring ETF Securities, Global X is wielding the axe.

A restructure splitting sales and marketing into separate business units has seen the departure of high-profile head of distribution Kanish Chugh.

Street Talk understands head of investment strategy Blair annon also left the firm and is headed to Macquarie, which we’ve previously reported is exploring launching its own range of actively managed ETFs.

Chugh’s departure was certainly a talking point in the $150 billion but tight-knit ETF industry on Monday. He had been with the outfit for nine years, most of it at ETFS, essentially acting as the face of the business, thrust onto every podcast, TV spot and investor conference. This was far from an easy job, with the firm launching a cluster of niche ETFs into the market.

It’s a surprising move for $6 billion Global X. Head of distribution is the engine room of any ETF business, building deep relationships with the adviser community who propel product adoption. In a statement to Street Talk, the company said it had commenced a search to fill the newly created role of head of sales.

South Korea-based Mirae Asset Management made a splash when it entered the local scene in June 2022, acquiring ETFS and rebranding it to Global X. The provider is well known for its Gold ETF, which ETFS chairman Graham Tuckwell famously floated more than 20 years ago. However, its YTD inflows sit noticeably below key rivals – commanding around 8 per cent of flows compared to Betashares’ 36 per cent and VanEck’s 22 per cent, July data shows.

Happy reading,

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