The corner of Bay Street and Adelaide streets in the heart of Toronto’s financial district.Gloria Nieto/The Globe and Mail
Horizons ETFs Management (Canada) Inc. has announced two new leaders will take over the helm for the exchange traded funds (ETFs) provider.
Taeyong Lee, Horizon's executive chairman and Steven Hawkins, Horizon's chief investment officer, will assume the roles of co-chief executive officers of Horizons ETFs.
The announcement comes after Adam Felesky, former CEO, abruptly left the firm after a conflict with owners over the company's future strategy.
Both Mr. Lee and Mr. Hawkins will continue to serve in their current roles in addition to their new appointments as co-CEOs. At the same time, Mr. Lee and Mr. Hawkins have been appointed co-CEOs of AlphaPro Management Inc., which serves as the manager and trustee for certain exchange traded funds in the Horizons ETFs family.
Mr. Hawkins, who joined Horizons ETFs in 2009, will oversee the day-to-day business and affairs of Horizons ETFs. Mr. Lee, who is also Global Head of ETFs for Mirae Asset Global Investments (the South Korean based asset manager which has a majority stake in Horizon), will focus on aligning the Canadian ETF business with Mirae's expanding global business initiative.
In addition to the new heads, Thomas Park, executive managing director of Mirae Asset Global Investments, and a member of the board of directors of Horizons ETFs, has been appointed chief corporate development officer, a new corporate role at the firm.