MONEY MANAGEMENT

American Century Investments recruits head of ETFs to lead foray into the market

Edward Rosenberg was named senior vice president and head of ETFs at American Century Investments, which is expected to launch its first ETFs early next year, confirmed spokesman Chris Doyle in an email.

The entry by American Century into the exchange-traded fund market comes as the industry saw record inflows of more than $280 billion in the U.S. in 2016

The position is new. Mr. Rosenberg has been senior vice president and head of ETF capital markets and analytics at FlexShares, the ETF company run by Northern Trust Asset Management.

“We'll be in the smart beta and active ETF space, no passive,” said Mr. Doyle in an email. “While a handful of firms dominate the traditional passive ETF market, opportunities remain for asset managers to introduce active ETFs. The active market is much more fragmented. While the landscape will remain competitive, we feel that, through a combination of unique product design and performance, we will have success in the ETF space.”

Tom Pinto, a spokesman for Northern Trust, said the firm would have no comment on Mr. Rosenberg's departure.