Bill Thomas was named CEO of active ETF manager Grail Advisors, a new position, said John Siciliano, managing partner with parent Grail Partners. Mr. Thomas was senior vice president and head of distribution for Charles Schwab Investment Management. A Schwab spokesman could not immediately be reached for comment on a replacement.
Grail Advisors has an application pending with the SEC to manage active ETFs whose holdings will be disclosed on a daily basis. The firm will offer ETFs for asset class categories such as large-cap value and international large-cap equities, giving investors access to the ideas of best-in-class third-party managers. Grail Advisors will assemble a multimanager lineup for each ETF and make the asset allocation decisions.