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Rating:A $1.4T-AUMS AM Adds Five Active ETFs Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, October 30, 2023

A $1.4T-AUMS AM Adds Five Active ETFs

Reported by Neil Anderson, Managing Editor

The team at the $1.4-trillion-AUMS (as of September 30) asset management arm of a money center bank is nearly doubling their ETF lineup in one swoop.

Earlier this month, Tony Rochte, global head of ETFs at Morgan Stanley Investment Management (MSIM) [profile], unveiled the launch of a quintet of new ETFs: the Eaton Vance High Yield ETF (EVHY on the NYSE Arca), the EatonVance Intermediate Municipal Income ETF (EVIM), the Eaton Vance Ultra-Short Income ETF (EVSB), the Parametric Equity Premium Income ETF (PAPI), and the Parametric Hedged Equity ETF (PHEQ). (The move comes two and a half years after Morgan Stanley bought Eaton Vance, parent of Parametric Portfolio Associates.) MSIM now offers 11 ETFs in total.

All five new funds are actively managed funds and are series of the Morgan Stanley ETF Trust. MSIM serves as investment advisor to all five, whose inception date was October 16.

The two Parametric funds both come with an expense ratio of 29 basis points and are subadvised by Parametric, with a PM team that includes Larry Berman (managing director at Parametric), Matthew Maillet (executive director at MSIM), James Reber (managing director at Parametric), Thomas Seto (head of investment management at Parametric), Michael Zaslavsky (senior investment strategist at Parametric), and Alex Zweber (managing director at Parametric). As of market close yesterday, PAPI had $20.46 million in AUM, while PHEQ had $20.48 million.

EVSB comes with an expense ratio of 17bps and had $20.04 million in AUM as of market close yesterday. Its PM team includes: Brian Ellis, executive director at MSIM; Kinzer Jennings, vice president; Eric Jesionowski, executive director; Brandon Matsui, executive director; and Alec Schaefer, VP.

EVIM comes with an expense ratio of 29bps and had $19.98 million in AUM as of market close yesterday. Its PM team includes: Julie Callahan, managing director at MSIM; Paul Metheny, executive director; Carl Thompson, executive director; and Matsui.

EVHY comes with an expense ratio of 48bps and had $19.87 million in AUM as of market close yesterday. Its PM team includes: Stephen Concannon, managing director; Kelley Gerrity, managing director; Jeffrey Mueller, managing director; and Matsui.

Rochte puts the five launches in the context of "MSIM's strategic vision" in the ETF space: "to offer products across ... businesses asset classes, jurisdictions, and brands that address clients' needs."

"Following the successful launch of MSIM's ETF platform earlier this year, the new additions to the platform further capitalize on the deep experience of our investment teams and client-focused approach by delivering actively-managed strategies through the in-demand ETF structure," Rochte states.

The new ETFs' other service providers include: Dechert LLP as counsel; Ernst & Young LLP as independent accounting firm; Foreside Fund Services, LLC as distributor and principal underwriter; and JPMorgan Chase Bank N.A. as administrator, custodian, dividend disbursing agent, and transfer agent. 

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