For Gamco, the adoption of Eaton Vance's new
exchange-traded managed funds (ETMF) structure to launch its own
such funds marks the firm's first foray into the fast-growing $2
trillion U.S. exchange-traded products market.
Eaton Vance last year became the first firm to gain approval
from the U.S. Securities and Exchange Commission to introduce
so-called "non-transparent" active ETFs, which do not have to
disclose their holdings on a daily basis, as is required by
traditional active ETFs.
The need to disclose fund holdings on a daily basis has kept
many active managers out of the ETF space for concerns over
revealing a manager's winning investment strategy, on which
active funds' reputations are often based.
Gabelli joins American Beacon Advisors Inc, which last month
said it plans to license Eaton Vance's new ETMF product.
Gabelli said it is preparing to file an application with the SEC
to seek permission to offer NextShares, the name for the new
ETMF products that Eaton Vance has branded through its
subsidiary, Navigate Fund Solutions LLC.
Rye, New York-based Gamco had $46.9 billion in assets under
management as of the end of September.
(Reporting by Ashley Lau in New York; editing by Andrew Hay)
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