Podcast Center
Video Center
Webcasts
Resource Center
Events
November 16, 2020 at 11:09 AM
A fight for control has broken out at one of the biggest success stories in the exchange-traded fund world this year.
Cathie Wood, head of Ark Investment Management and manager of the wildly popular Ark Innovation ETF (ARKK) — which almost doubled this year — is combating a move from Resolute Investment Managers to purchase a controlling stake in her company, according to a regulatory filing.
Resolute, which helps distribute mutual funds and ETFs including Ark’s products, acquired a minority investment in Ark in July 2016 and the option to purchase a controlling voting and equity interest, which is exercisable in early 2021.
Wood is “disappointed” that Resolute and its private equity owner, Kelso & Company, have issued this “unwelcome notice that they intend to seize control of our business,” she said in a statement. “We do not believe that equity ownership by a party tangential to our business is in the best interest of ARK’s stakeholders.”
