Former CEO of Global X, Evan Metcalf, has taken up a new position at a specialist ETF provider.
Metcalf worked at Global X ETFs Australia for a decade and was appointed as its CEO in September 2022 following the acquisition of ETF Securities by Mirae, which saw the firm renamed under the Global X branding.
Under his leadership, Global X launched 19 new funds and increased assets under management by some $3 billion.
He then announced his departure in August 2024 and was replaced by Alex Zaika, formerly managing director of GAM Investments.
In a new position, Metcalf has been appointed as an executive director at specialist ETF provider Savana Asset Management.
Unlike traditional ETF providers, Savana uses an algorithmic platform, which analyses over 60,000 global equities to identify undervalued and overlooked companies and mispriced opportunities, removing the human behavioural bias.
The firm’s investment philosophy is threefold, capturing skill via collective intelligence, breadth, and efficiency, it described.
Its first active ETF – US Small Caps Active ETF – was launched in November 2024, and it intends to launch additional vehicles in global equities and Australian small caps.
In a statement, Savana said Metcalf’s appointment will help the firm scale its funds under management (FUM) through a suite of ETF vehicles.
Associate director Samuel Atkinson said: “With the hard part solved, the next step is scaling FUM through a suite of new ETFs and partnering with some bigger players – Metcalf’s wheelhouse after years at the helm of one of Australia’s most successful ETF firms.
“Savana has kicked off a new capital raising round to accelerate the roll-out of its ETF product suite, scale funds under management and position the business for sustained performance.”
Speaking to Money Management earlier this year, Atkinson said he would like the firm to replicate major provider Betashares in due course.
“We would like to be the next Betashares, but for active ETFs, they have a fantastic brand and have grown their FUM to $50 billion in 15 years. We have the opportunity to replicate that as an active manager,” Atkinson said.
