email rounding up the latestCathie Wood’s Ark Invest has acquired a London-based exchange traded fund company in its first big push into Europe, as the Wall Street investor battles persistent outflows from her stable of US funds., has bought Rize ETF, which manages more than $450mn across 11 European funds designed around themes including the future of food, cyber security, environmental impact and cannabis.
Wood told the Financial Times on Wednesday that a quarter of subscriptions to the company’s research came from Europe. “The top question we have [received] from investors is ‘why can’t we access your strategies in Europe’,” she said.The acquisition, announced on Tuesday night, also marks a push into a new region as the company navigates aWood, one of Wall Street’s best known investors, is known for her punchy bets on fast-growing companies in sectors from robotics to space exploration.
However, AssetCo wrote down the value of Rize this year, saying the business remained “materially behind plan”. Although there was potential in the business, it was emerging “later and slower” than initially hoped, the company said.
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Source: FT - 🏆 113. / 51 Read more »