NEW YORK, Sept 14 (Reuters) - Davis Advisors has hired a prominent exchange-traded fund executive, he said on Wednesday, as stock fund managers seek to enter the fast-growing ETF business.
Dodd Kittsley, who left Deutsche Bank AG this summer, joined Davis as a director to help the Tucson, Arizona-based company market ETFs, he said in an interview.
The privately held company, a traditional stockpicker focused on identifying and buying cheap stocks, this year applied to offer its first ETFs.
Kittsley, an industry veteran who has worked for BlackRock Inc’s iShares, recently left Deutsche Bank’s U.S. asset management unit, where he had a high-profile role as head of strategy for ETFs and other similar products for two years, Reuters reported last month.
Despite the fast growth of those funds, traditional asset managers have often struggled to attract investors to their ETFs in a market dominated by a handful of players, including BlackRock, Vanguard Group and State Street Corp.
Deutsche’s Asset and Wealth Management’s Americas division is known for products that reduce the risk of currency devaluations, which lower returns on international stocks. Its U.S. ETF business managed $15 billion at the end of August, up from about $2 billion two years earlier, according to Morningstar Inc data. (Reporting by Trevor Hunnicutt; Editing by Richard Chang)
Our Standards: The Thomson Reuters Trust Principles.