Exchange traded funds (ETFs) have grown to new heights in 2016. Assets under management in ETFs have swelled to $3.445 trillion this year and they now account for nearly a half of all stocks traded in the U.S. Not surprisingly, expertise in this area is highly sought-after and senior staff are moving even now.
Brendan McCarthy, a managing director in Goldman Sachs' equities sales team, has just moved across to BlackRock. There he's a managing director in its iShares division focused on sales.
McCarthy worked for Goldman Sachs since 2001, as a vice president in its equities sales team in New York. He worked in Tokyo for three years until May 2009 when he switched across to a role in Hong Kong to manage its pan-Asia equities sales team there.
McCarthy moved back to New York in 2013 to join its US portfolio sales team. This focuses on portfolio products like ETFs and synthetic equity products. He left the investment bank in May and joined BlackRock earlier this month in its iShares capital markets team.
The battle for assets in the ETFs space has been heating up this year, with US banks' asset management arms increasingly getting in on the act. Goldman Sachs has been successfully luring assets and J.P. Morgan has responded by aggressively building its ETFs business. BlackRock, meanwhile, has just lowered fees on some its ETFs by up to 20 basis points as part of the price wars around the products.
Photo: Getty Images