MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Tuesday, March 4, 2025 A $739B-AUM AM Preps 2 ESG Liquidations The folks at a Gotham insurer's $739-billion-AUM (as of December 31) asset management arm are preparing to shut down a $9.8-million-AUM pair of ESG index funds after less than four years. On Friday (February 28), the New York Life Investments [profile] team revealed that they plan to liquidate the NYLI Clean Oceans ETF (OCEN on the NYSE Arca) and the NYLI Cleaner Transport ETF (CLNR) on April 16, after cutting off trading in the passive ETFs on April 9. The press release and filing on the planned liquidiations offers no explanation, but they come two weeks at the New York Life team de-ESGified one of their active ETFs. CLNR and OCEN's inception date was October 21, 2021, when they debuted as the IQ Cleaner Transport ETF and the IQ Clean Oceans ETF (before the launch of the NYLI Funds brand last year). As of yesterday (March 3, 2025), OCEN had $4.6 million in AUM, while CLNR had $5.2 million. Both funds come with an expense ratio of 45 basis points. New York Life Investment Management LLC serves as investment advisor and index provider to both CLNR and OCEN. The two ETFs also have the same PM team: Greg Barrato, a senior vice president who has PMed both funds since inception; and Francis Ok, managing director, who became a portfolio manager for the funds in 2023. OCEN and CLNR are both passively managed series of the New York Life Investments ETF Trust. Their other service providers include: SS&C's Alps Distributors, Inc. as distributor; the Bank of New York Mellon (BNY Mellon) as administrator, custodian, dividend paying agent, securities lending agent, and transfer agent; Candriam as index consultant; Chapman and Cutler, LLP as counsel; PricewaterhouseCoopers, LLP as independent accounting firm; and Solactive AQ as index calculator and benchmark administrator. Printed from: MFWire.com/story.asp?s=69596 Copyright 2025, InvestmentWires, Inc. All Rights Reserved |