Cathie Wood’s Ark Investment Management has acquired a fellow exchange-traded fund issuer in its biggest push yet into Europe’s nascent market for trend-driven investing.
Ark, which has roughly $25 billion in assets, purchased thematic issuer Rize ETF Limited from United Kingdom-based asset manager AssetCo, according to a press release Tuesday. Rize managed more than $450 million across its 11 ETFs through the end of August, the release said.
As part of the deal, Rize’s name and brand will be phased out in favor of “Ark Invest Europe,” which will serve as the hub for Ark’s expansion into Europe and the UK. Ark declined to provide details on how much it paid to acquire the issuer.
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