Unlock the Editor’s Digest for free
Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
Global X ETFs, the $39bn US asset manager owned by Mirae Asset Global Investments, is replacing its chief executive officer with an interim leader from the parent company.
Luis Berruga is stepping down effective from Monday after five years as CEO of Global X, the New York-based company confirmed.
He spent nearly 10 years in total with the company, a provider of more than 100 exchange traded funds known for its thematic offerings and which has become one of the 15 largest US ETF groups. Berruga joined the firm in 2014 as chief operating officer, became chief financial officer in 2015 and was promoted to president in 2018.
Asked why Berruga was leaving, a spokesperson said his departure was voluntary, had nothing to do with the firm’s asset flows or growth in assets under management and that he was leaving “so that he can spend more time with his friends and family”.
Berruga’s interim replacement will be Thomas Park, a Global X board member and co-CEO of the US business of Mirae, which has about $520bn in assets under management globally. Mirae acquired Global X in a deal announced in February 2018, saying at the time that Berruga would replace Global X co-founder Bruno del Ama as its CEO. When the deal closed in July that year, Global X had about $10bn in assets under management.
Global X, which was founded in 2008, said it would search for a permanent replacement for Berruga and expected to find someone “within a matter of months”.
In a statement provided by Global X, Berruga said he felt “extremely fortunate to have played a part in the development of such an impactful ETF franchise”.
Park expressed gratitude to Berruga, who he said had helped build Global X into “one of the most innovative and admired ETF issuers in the world”.
“He brought excitement and an entrepreneurial spirit to his work and, in doing so, created a passionate workplace,” Park said.
A spokesperson said the firm did not have any other impending executive changes to announce.
“Our first priority is to find a permanent CEO to lead Global X, and to empower them to build the right team around them to set up Global X for success in this next phase,” the spokesperson said.
This story has been amended to correct the description of Thomas Park’s role. He is co-CEO of Mirae’s US business, not of Mirae.
