A $1.2T-AUM Titan's New Product Structure Nears
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Tuesday, November 10, 2020

A $1.2T-AUM Titan's New Product Structure Nears

A publicly traded, multinational asset manager with $1.2 trillion in AUM is closing in on launching its own take on a new kind of active, translucent ETF structure.

Anna Paglia
Invesco Ltd.
Head of ETFs and Indexed Strategies
Yesterday, Anna Paglia, global head of ETFs and indexed strategies at Invesco [profile], confirmed that the SEC has published notice that the plan is to grant the Atlanta-based fund firm's exemptive relief application for Invesco's own "active non-transparent ETF model." The Invesco team describes this as the "final regulatory stage" in their efforts on this front.

The move comes four months after Invesco filed a separate exemptive relief request to license another translucent ETF model, this one from Fidelity. The official plan is for the Invesco team to use both their new active ETF structure and the new Fidelity structure.

There also several other competing new structures out there, from other big firms and at least one independent shop. Each of these new active ETF structures is intended to help protect active managers' secret sauce to help mitigate problems like frontrunning.

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