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Wednesday, August 01, 2012

FocusShares Has a New CEO

Reported by Chris Cumming

Scott Golde is the new president and CEO of FocusShares, a Scottrade subsidiary that sponsors fifteen low-cost index-based ETFs. An SEC filing disclosed that Golde replaced former president and CEO Erik Liik on July 30.

A FocusShares spokesman confirmed the change, and said that the investment management of the company's funds would remain in place. The spokesman further clarified that Liik no longer works for FocusShares.

The fifteen FocusShares ETFs were launched in March 2011. Each fund tracks a different Morningstar index. According to the ETF Database website, the combined assets of the funds are approximately $102 million.

Golde joined Scottrade in 2011, as associate general counsel providing guidance on legal and regulatory issues for FocusShares. He was previously senior counsel at Edward Jones, offering legal and compliance advice on mutual fund and banking matters.

Liik has been with FocusShares since 2007. Previously, he was managing director of the ETF marketplace for the American Stock Exchange.

In addition to this management change, the funds' principal offices will be moving to St. Louis, where Scottrade is headquartered, from Montvale, New Jersey, according to today's SEC filing.  

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