Ark Invest founder and CEO Cathie Wood has stepped down from the management role at two of her funds.
What To Know: According to a regulatory filling, Wood has given up management of the 3D Printing ETF PRNT and ARK Israel Innovative Technology ETF IZRL.
“The following individual has been primarily responsible for the day-to-day management of the Fund’s portfolio since September 2022: William Scherer,” the SEC filing states.
This month, Scherer began managing the two funds, which have combined assets under management of more than $310 million. He previously held the role of trading manager at Ark Invest.
Wood will continue in her chief executive role and retain management of all of Ark’s actively managed funds.
Earlier this year, Wood appointed Sam Korus and Nicholas Grous to associate portfolio managers. Up until then, Wood was the only portfolio manager for the company.
Ark recently promoted Brett Winton to the role of chief futurist. The flurry of management shakeups seems to suggest that Wood is starting to think about a succession plan for Ark.
Ark’s once high-flying flagship fund, the ARK Innovation ETF ARKK is down nearly 70% over the last year and it has fallen more than 60% year-to-date.
ARKK Price Action: The ARK Innovation ETF closed Thursday down 4.29% at $38.61.
Photo: Ira Lichi via Shutterstock
Image and article originally from www.benzinga.com. Read the original article here.