Founder and CEO of Ark Invest Cathie Wood has resigned from the management function at two of her funds.
What you should know: according to a official fillingWood has given up managing the 3D printing ETF TO PRESS and ARK Israel Innovative Technology ETF IZRL.
“The following person is primarily responsible for the day-to-day management of the Fund’s portfolio as of September 2022: William Scherer‘ the SEC filing reads.
This month, Scherer began managing the two funds, which together have more than $310 million in assets under management. He was previously a trading manager at Ark Invest.
Wood will continue in her role as chief executive and will retain administration of all of Ark’s actively managed funds.
Earlier this year, Wood appointed Sam Korus and Nicholas Grous connect portfolio managers. Until then, Wood was the sole portfolio manager for the company.
Ark was recently promoted Brett Winton in the role of chief futurist. The spate of management reshuffles seems to indicate that Wood is beginning to consider a succession plan for Ark.
Related link: Cathie Wood’s successor? This guy could be the next to lead Ark Invest – he thinks so
Ark’s once-soaring flagship fund, the ARK Innovation ETF ARKK is down almost 70% over the last year and down more than 60% year-to-date.
ARKK Price Promotion: The ARK Innovation ETF closed down 4.29% at $38.61 on Thursday.
Photo: Ira Lichi via Shutterstock
