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Welcome the latest recruit.
Raymond James Investment Management hired Kristi Higgins as its head of ETF strategy this week, a new position in which she will support development and expansion of the firm’s ETF platform. Higgins previously worked at Dimensional Fund Advisors and Allianz, where she helped bring more than 30 funds to market across asset classes and launched the latter’s ETF business.
The move is part of a broader wave of financial services firms and wealth managers launching and expanding ETF businesses. Baron Capital hired heads of ETF solutions and ETF capital markets in February to further develop the firm’s active ETF platform, and last June, Invesco brought on a JPMorgan alum as its first global head of digital assets. Even many RIAs have begun launching their own ETFs, a strategy used both to better serve clients and increase firm valuations.
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Raymond James Investment Management handles about $115 billion in assets and is a newcomer to the ETF space. The division launched a suite of three active ETFs (all managed by Eagle Asset Management) in October that includes:
RJ Eagle Vertical Income ETF (RJVI), which mostly invests in bonds issued by companies on the Bloomberg US Corporate Index, while also allocating to common stock and preferred securities. It currently holds about $14 million in assets.
RJ Eagle GCM Dividend Select Income ETF (RJDI), which seeks yield by investing in dividend-paying US large-cap equities. It holds about $68 million in assets.
RJ Eagle Municipal Income ETF (RJMI), which focuses on intermediate and long-term municipal fixed income bonds, and has more than $28 million in assets.
Welcome Aboard. The hire underscores Raymond James’ ambitions in the rapidly evolving ETF market. “Active ETFs are a central pillar of our long-term product strategy, and we are leaning in with conviction,” Matt Johnson, head of commercial strategy at Raymond James Investment Management, said in a press statement. “Kristi’s experience building ETF platforms makes her an ideal partner as we scale our ETF capabilities.”
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