Fleites to head IndexIQ asset management unit
Agustin Gus Fleites was hired as president of IndexIQ Advisors, the new asset management arm of index provider IndexIQ, confirmed Adam Patti, chief executive of IndexIQ. The firm will begin running money in-house through seven managed account strategies including four hedge fund replication strategies instead of licensing its products to other providers, Mr. Patti said. The hedge fund strategies are HedgeIQ Composite, which replicates a fund-of-funds strategy; HedgeIQ Long Short, HedgeIQ Market Neutral and HedgeIQ Fixed Income Arbitrage. The remaining funds are ETFIQ Commodity Rotation, which offers exposure to various commodity ETFs; ETFIQ Country Rotation All World Ex-U.S.; and ETFIQ Country Rotation Developed Market Ex-U.S.
Mr. Fleites left as CIO and head of ETFs at mutual fund provider ProFunds in October 2006. No further information was available.
(updated with correction)