Horizons ETFs USA, a member of the Horizons Exchange-Traded Funds Group, has entered into an agreement to acquire Recon Capital Advisors, a Connecticut-based investment advisor to ETFs. Under the terms of the agreement, Recon members will join Horizons USA and the four ETFs currently managed by Recon Capital will be managed by Horizons USA.
Garrett Paolella, Chief Executive Officer at Recon Capital.
“We are very excited to have the Recon Capital team join Horizons ETFs,” said Taeyong Lee, President and Global Head of ETF Business at Mirae Asset Global Investment, the parent company to Horizons ETFs. “They have proven expertise in the US ETF market and have extensive insights on how to manage and grow the business in the US. As we manage approximately $11.8bn in assets under our global ETF business, this new team will be crucial in helping lead the US expansion and contribute to the strong momentum in the growth of our global ETF business.”
“We are proud to be joining the Horizons USA team,” added Garrett Paolella, Chief Executive Officer at Recon Capital. “Horizons ETFs has built a solid reputation as an innovator in the global ETF market, and we share this commitment to innovation. The US ETF business is highly competitive, but few ETF providers have the global breadth of product and expertise that Horizons ETFs has, and we think we can leverage that global expertise to dramatically grow our domestic business and build on our successes.”
The team from Recon will join Horizons USA effective immediately while the transition of Recon’s ETFs to Horizons USA is expected to be finalized by Q1 2017.
The addition of these ETFs to the Horizons USA platform means that Horizons ETFs will offer five US-listed ETFs, representing approximately $149m in assets under management, as of 30 September 2016.
The combined lineup of ETFs is:
Recon Capital DAX Germany ETF (NASDAQ: DAX)
Recon Capital NASDAQ 100 Covered Call ETF (NASDAQ: QYLD)
Recon Capital USA Managed Risk ETF (NYSE: USMR)
BullMark LatAm Select Leaders ETF (NASDAQ: BMLA)
Horizons S&P 500 Covered Call ETF (NYSE: HSPX)
Horizons USA also plans to launch three additional ‘managed risk’ ETFs in Q1 2017, focusing on Global (ex-USA), Japanese and European exposures.