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AdvisorShares to change sub-advisor for Global Tactical ETF

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AdvisorShares is proposing a change to the sub-advisor for the AdvisorShares Cambria Global Tactical ETF (GTAA).

North Carolina-based Morgan Creek Capital Management would serve as GTAA's new sub-advisor with its CEO Mark W Yusko as portfolio manager.
 
Pending approval by the AdvisorShares board of trustees, the sub-advisor change would then be subject to shareholder approval.
 
"After a diligent review and careful consideration, we have decided to propose a change of GTAA's sub-advisor," says Noah Hamman, CEO of AdvisorShares. "At the end of the day, our sole focus remains our shareholders' best interests and we firmly believe Morgan Creek with Mark Yusko as portfolio manager would serve GTAA very well. We would gladly welcome the institutional expertise and extensive university endowment experience that the Morgan Creek team could deliver in their global tactical asset allocation investment approach to our actively managed ETF suite. Furthermore, we thank Cambria's Meb Faber and Eric Richardson for their portfolio management and commitment to GTAA throughout our partnership."

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