Executives at Arrow Investment Advisors said the firm's AUM has exceeded $1.5 billion. The Olney, Maryland-based firm, which is celebrating its fifth year in the business, has $500 million in mutual fund AUM and $1 billion in sub-advised AUM.

The employee count has grown from four to more than 20.

Arrow has five mutual funds in its roster. It also serves as a sub-adviser to five ETFs.  

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