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Rating:Man Will Power a U.S. Firm's 2nd ETF Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, February 7, 2024

Man Will Power a U.S. Firm's 2nd ETF

Reported by Neil Anderson, Managing Editor

The folks at a $57.4-billion-AUM (as of December 31), multiboutique mutual fund firm in the U.S. are launching their second ETF ever, with help from an arm of a $161.2-billion-AUM (as of September 30), publicly traded, British asset manager.

Jeffrey Karl "Jeff" Ringdahl
Resolute Investment Managers / American Beacon Advisors
President, CEO
Yesterday, Jeff Ringdahl, president and CEO of American Beacon Advisors, Inc. [profile] (and of American Beacon's parent, Resolute Investment Managers, Inc.), and Eric Burl, head of discretionary at Man Group plc, unveiled the launch of the American Beacon GLG Natural Resources ETF (MGNR on the NYSE Arca, Inc.). The new, actively managed fund is a series of American Beacon Select Funds.

MGNR comes with an expense ratio of 75 basis points. American Beacon serves as investment advisor, Man's GLG LLC subsidiary serves as subadvisor, and GLG portfolio manager Albert Chu serves as PM.

Ringdahl notes that MGNR is American Beacon's "first natural resources-focused fund" and puts the launch in the context of the firm's longstanding partnership with Man on multiple funds. Burl describes American Beacon as "a natural fit" for Man to team up with again.

"It appears that ETFs are becoming an essential part of an investor's toolkit, and we believe this Fund will allow investors to extract potential value from dynamic natural resources and their associated equity universe," Burl states.

Becky Harris, senior vice president of product management and corporate development at both American Beacon and Resolute, puts the launch of MGNR in the context of their commitment to offering "investors a full suite of portfolio solutions that can serve their unique needs."

"We have the conviction that this sector potentially holds tremendous value for our investors, and we are excited to work with Albert Chu, specifically, as he has a remarkable track record in this space," Harris states.

Chu describes MGNR as "a natural resource-focused solution that meeds the needs of today's market."

"The natural resources sector presents captivating yet complex opportunities," Chu states.

The launch of MGNR comes about five months after the American Beacon team debuted their first ETF, also powered by a Man subsidiary.

MGNR's other service providers include: ACA's Foreside Financial Services, LLC, distributor and principal underwriter; K&L Gates LLP as counsel; PricewaterhouseCoopers LLP as independent accounting firm; and State Street Bank and Trust Co. as custodian, dividend disbursing agent, securities lending agent, and transfer agent. 

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