CEOs Stepping Down
Welcome to this week's News Brief, a roundup of some of Ignites' top stories of the past week.
It's still not clear what?Dan Arnold?said to whom that got him fired in October, but?LPL?has agreed to a $12 million settlement with the former chief executive, Ignites'?Beagan Wilcox Volz?reported. Arnold got the boot after an outside law firm found that he had made statements to employees that violated LPL's code of conduct. Under the all-stock settlement, Arnold has agreed not to sue the company – which may be why the firm struck the deal, a consultant?told?Ignites. The deal also includes non-competition and non-solicitation provisions that will expire at the end of September, as well as a non-disparagement clause.
Another industry CEO has stepped aside on the heels of misbehavior by a high-ranking executive at his shop.?Western Asset Management's long-time CEO,?Jim Hirschmann,?stepped down, the firm announced last week, shortly after former Co-Chief Investment Officer?Ken Leech?was charged with fraud. Leech allegedly allocated favorable trades to certain, high-fee strategies. Wamco's?new CEO,?Thomas Gahan, founded?Benefit Street Partners, which parent company?Franklin Templeton?purchased in 2019, Wilcox Volz reported. Hirschmann, who was Wamco's CEO since 1999, remains the company chair.
And in other CEO news,?Wasatch Global Investors'?J.B. Taylor?is also?moving on. Taylor, who had been CEO since 2016, will remain at the firm until the end of next year to oversee the transition,?Daniel Gil?reported.?Mike Yeates, who had been the Salt Lake City-based firm's finance chief since 2007 will replace him. In addition, Wasatch's president,?Eric Bergeson?will also retire next year. He will remain on the firm's board until at least the end of 2026. "This is a changing of the guard," Bergeson told Ignites.
Banking on Compliance
The average fund compliance chief expects to earn roughly $590,000 this year, an Ignites Research survey found. That's up 12% from last year. Ignites Research's?Melat Kassa?digs?into the data.
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Globally, assets in active bond ETFs are expected to hit $1.7 trillion by 2030, with much of that growth happening in the U.S.,?J.P. Morgan Asset Management?predicted. In the U.S., such funds had $284.2 billion as of last month,?Morningstar Direct?data shows.?Brian Ponte?explores?what's driving the growth.
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