Eaton Vance has purchased the assets of Managed ETFs, a developer of intellectual property in the field of exchange-traded funds.
Managed ETFs holds intellectual property assets, including issued patents, that could provide the foundation for more efficient trading of index-based ETFs and facilitate the development of non-transparent, actively managed ETFs.
Commercialisation of the acquired technology is subject to the approval of the US Securities and Exchange Commission and market acceptance.
Terms of the transaction are not being disclosed.
"Eaton Vance is pleased to acquire the intellectual property of Managed ETFs and to assume responsibility for its commercial development," says Thomas E. Faust Jr., chairman and chief executive officer. "Facilitating more robust ETF trading and expanding the scope of the ETF market to encompass non-transparent, active strategies is a vision we share with the principals of Managed ETFs."
Gary L. Gastineau (pictured) and Todd J. Broms are co-founders and managing members from Managed ETFs. Gastineau is also principal of ETF Consultants and Broms is chief executive officer of Broms & Company.
