Grail Advisors, a leader in the development and distribution of active Exchange Traded Funds (ETFs), today announced the registration of four new actively-managed ETFs--RP Growth ETF, RP Focused Large Cap Growth ETF, RP Technology ETF, and RP Financials ETF. The new offerings represent the industry’s first traditional actively-managed ETFs using a single-manager approach. New York-based RiverPark Advisors, LLC (RiverPark) will serve as the primary sub-adviser for each of the funds. Wedgewood Partners, Inc., of St. Louis will also serve as sub-adviser to the RP Focused Large Cap Growth ETF. “One of our goals from the outset was to bring traditional, active fund managers to the ETF marketplace,” said William M. Thomas, CEO of Grail Advisors LLC. “With these four new RiverPark offerings, that day has come, and it’s come a lot sooner than even the most enthusiastic proponent of the ETF structure could have imagined.” Grail unveiled the market’s first true, actively-managed equity ETF last month—the Grail American Beacon Large Cap Value ETF—and will follow up this summer with the Grail American Beacon International Equity ETF, the first international ETF of its kind. Those funds were designed to incorporate the traditional investment management approach and a multi-manager format into an active ETF structure. The single-manager RiverPark funds will take active ETFs a step further. The funds will be designed to combine all the benefits of an ETF structure—lower costs, tax efficiency, transparency of holdings, and intra-day trading—with actively-managed strategies from a veteran asset management team. RiverPark will provide day-to-day portfolio management services to RP Growth ETF, RP Technology ETF, and RP Financials ETF, and, in conjunction with Grail, oversee the day-to-day portfolio management services provided by Wedgewood to RP Focused Large Cap Growth. RiverPark was founded in 2006 by Morty Schaja, CFA, who serves as the firm’s Chief Executive Officer, and Mitchell Rubin, CFA, who is the Chief Investment Officer. All of RiverPark’s principals, including Mr. Schaja, Mr. Rubin, and portfolio manager Conrad van Tienhoven, came to the firm from Baron Funds. RiverPark has assembled a prestigious group of outside advisors to support the senior team in the management of the funds. David A. Rolfe, CFA, will be the portfolio manager of RP Focused Large Cap Growth ETF. Mr. Rolfe is the Chief Investment Officer of Wedgewood, and together with Anthony L. Guerrerio, the firm’s CEO and founder, has worked on various large-cap growth strategies for the firm since its inception in 1992. Each of the funds’ managers will have the discretion on a daily basis to choose securities for the ETF’s portfolio consistent with the ETF’s investment objective. Unlike index-based ETFs that seek to replicate the holdings of a specified index, each of the new Grail ETFs will use an actively-managed investment strategy to meet its investment objective. All four of the funds’ holdings will be fully disclosed on a daily basis. “We fully embrace the movement toward full transparency, continuous liquidity, and a low-cost fee structure,” said Mr. Schaja from RiverPark Advisors. “In today’s environment, investors are demanding a superior vehicle in which to make their investments without having to sacrifice access to world-class portfolio management. We’re thrilled to be on the cutting edge of this evolution with Grail.” Trading for shares the new ETFs is expected to begin September 1 on the NYSE Arca, Inc. The new funds will represent the latest in what is anticipated to be a series of offerings of the Grail Advisors ETF Trust. The San Francisco-based firm intends to make the benefits of ETFs available to the large pool of investors who currently select traditional mutual funds or other vehicles to access active portfolio management. Mr. Thomas says Grail Advisors is currently in discussions with a number of leading financial institutions and asset managers and expects to launch more customized, actively-managed ETFs this year.
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Posted by Erik Keith on September 11, 2008 at 6:15pm
First Affirmative Financial Network and the Social Investment Forum, hosts of the 19th annual SRI in the Rockies Conference, have designed their 2008 event to be a “green meeting.” This year’s conference is expected to draw a record 700 sustainable and responsible investment (SRI) industry practitioners and professionals to Whistler, British Columbia, Canada, October 26–28, 2008.According to the Convention Industry Council's definition, a green meeting is “a meeting or event that incorporates environmental considerations to minimize its negative impact on the environment.”George Gay, CEO of First Affirmative, is planning for the 2008 SRI in the Rockies Conference to be a model of social responsibility, and not only with regard to the environment. “It's easy to feel overwhelmed by the changes necessary to create a genuinely ‘green’ meeting,” says Gay. “But whatever we do now—even simply asking questions of hotels—contributes to the momentum that will move green meetings to the mainstream.”As part of First Affirmative’s conference planning process, hotels are asked to complete a request for proposal (RFP) that includes the Best Practices Survey developed by the Green Hotel Initiative (GHI). Hotels that fail to address the RFP's sustainability questions or to complete the GHI survey are eliminated from consideration.The SRI in the Rockies request for proposal also includes extensive questions regarding a hotel's sustainability efforts, such as whether or not the property has evaluated its carbon footprint, is LEED-certified (Leadership in Energy and Environmental Design), uses locally grown and/or organic food, has a recycling program, and exhibits a commitment to energy efficiency in its operation.“It's an evolutionary, rather than a revolutionary, process,” says First Affirmative President, Steve Schueth. “As we continue to raise the bar on this event each year, we encourage more green events and conventions across the spectrum.”Greening SRI in the Rockies includes working with hotel staff onsite to create awareness as well as lowering energy usage. For example, rather than daily room delivery of newspapers, they are distributed by request. At meals, pitchers of water and other beverages are made available with empty glasses rather than all glasses being pre-filled; bottled water is not available. When attendees enter their rooms, they will find that the television is off, as is all superfluous lighting. Rather than housekeeping replacing bed linens and towels daily, they are instructed to replace them only upon request. The Conference has a Recycling Sponsor, and a Carbon Offset Sponsor. For additional information, please go to http://www.sriintherockies.com/d/SRIR08_Sustainability.pdf.This year’s conference venue, the Fairmont Chateau Whistler, has been awarded a 4 Green Key Rating in the Green Key Eco-Rating Program. For more information, please go to http://www.hotelassociation.ca/site/programs/green_key.htm.A new study, “The Green Event Imperative” by the Event Marketing Institute, found that investment in green event marketing could double over the next 18 months. But the study also found that companies claiming to be active in green initiatives have a significant gap between their participation and their level of commitment.ABOUT FIRST AFFIRMATIVEFirst Affirmative Financial Network, LLC (www.FirstAffirmative.com) is an independent fee-only Registered Investment Advisor (SEC File #801-5687). The company, which manages about $700 million in client portfolios, offers consulting and asset management services through a nationwide network of investment professionals who specialize in serving socially conscious investors. First Affirmative produces the annual SRI in the Rockies Conference (www.SRIintheRockies.com), the premier conference for the sustainable and responsible investment industry in North America.ABOUT THE SOCIAL INVESTMENT FORUMThe Social Investment Forum (SIF) is the U.S. membership association dedicated to advancing the concept, practice, and growth of socially and environmentally responsible investing. SIF members integrate economic, environmental, social, and governance factors into their investment decisions. SIF membership includes more than 500 social investment practitioners and institutions, including financial professionals, analysts, portfolio managers, banks, mutual funds, researchers, foundations, community development organizations, and public educators. More information about the Forum, including the 2007 Report on Socially Responsible Investing Trends in the United States, is available at www.socialinvest.org.REGISTRATION AND SPONSORSHIPSTo register to attend the conference, go to www.sriintherockies.com/register.jsp. For assistance with registration and sponsorships, please contact Krystala Kalil at 303-442-4463 / krystala@SRIintheRockies.com.MEDIA QUESTIONSMo Shafroth for First Affirmative and SRI in the Rockies: 720-470-3653 / mshafroth@csg-pr.comPatrick Mitchell for the Social Investment Forum: 703-276-3266 / pmitchell@hastingsgroup.com
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