Cathie Wood Abdicates Manager Role at Two Ark ETFs

It appears Cathie Wood may finally have had enough of her poorly-performing investment funds, and is handing the reins off to someone else.

According to a regulatory filing, the Ark founder abdicated her portfolio manager position at two of the company’s ETFs, ARK 3D Printing ETF valued at around $196.7 million, and ARK Israel Innovative Technology ETF, which has about $115.4 million worth of assets. Ark’s long-time trading manager William Scherer has taken on the role since September, but Wood still remains the investment firm’s CEO as well as portfolio manager for other actively managed funds.

The latest management shuffle comes amid an internal dilemma for Ark, one where the investment company struggles to retain competent talent, inadvertently forcing Wood to take on a wide breadth of responsibilities. Up until earlier this year, Wood managed all nine of Ark’s ETFs before promoting two of the company’s analysts, Sam Korus and Nicholas Grous, to associate portfolio managers. At the beginning of September, Ark appointed director of research Brett Winton to the newly-created position of Chief Futurist, sparking rumours that he make eventually replace Wood.

“Exacerbating that key person risk is the firm’s inability to develop and retain talent,” Morningstar strategist Robby Greengold wrote in a note back in April. “Many of its analysts have come and gone, and most of the nine remaining lack deep industry experience.” Ark, which once boasted near-exponential growth during the pandemic-induced tech stock bout, is down almost 60% on its flagship Ark Innovation ETF, while its ARK 3D Printing ETF and ARK Israel Innovative Technology ETF are both down 41% and 38%, respectively, since the beginning of the year.

Information for this briefing was found via the SEC and the sources and companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

New Found Gold: The Strategic Maritime Resources Purchase

Amex Exploration: Revised Perron PEA Has INSANE Economics

Aris Mining: The Multi Billion Dollar Soto Norte PFS

Recommended

Canadian Copper Secures $8 Million Lead Order From Ocean Partners As Part Of Larger Funding Round

Northern Superior Expands Philibert With 350 Metre Step Out Testing 1.10 g/t Gold Over 25.5 Metres

Related News

Cathie Wood Declares The US Is Already In Recession, Contrary To What Economists Say

Ark Invest’s founder and CEO Cathie Wood is back making headlines with a new declaration:...

Friday, July 1, 2022, 03:49:00 PM

ARK Invest Buys $42 Million in DraftKings Following Hindenburg Report

ARK Invest, best known for never shying away from a price drop even if the...

Wednesday, June 16, 2021, 05:01:00 PM

Cathie Wood to Michael Burry: You Don’t Understand the Fundamentals of the Innovation Space

Cathie Wood has clapped back at ‘The Big Short’ Michael Burry, after SEC filings revealed...

Wednesday, August 18, 2021, 03:34:00 PM

Cathie Wood’s ARK Innovation Is The “Worst-Performing” Fund In Q1 2022, Says Analytics Firm

Contrary to her own belief, Cathie Wood’s ARK Innovation (NYSE: ARKK) fund is the worst-performing...

Thursday, April 7, 2022, 04:56:00 PM

Cathie Wood Begins Liquidating Chinese Stocks Following Tech Crackdown

Ark Invest CEO Cathie Wood has allegedly begun cutting back her fund’s exposure to China,...

Friday, September 10, 2021, 02:37:00 PM