Martin Kremenstein was named managing director, head of exchange-traded funds at Nuveen Investments, said spokeswoman Kathleen Cardoza in an e-mail.
The position is new and will be part of an ETF initiative by the firm, Ms. Cardoza said. On Oct. 2, Nuveen filed an application with the Securities and Exchange Commission seeking the exemptive relief required to sponsor transparent passive ETFs. “This follows our earlier filing this year, back in June, for transparent active ETF exemptive relief,” she said.
“These two filings don’t necessarily mean that Nuveen will bring such ETFs to market, but seeking exemptive relief will provide us more flexibility in the future to explore such options across a range of asset classes and strategies, and capitalize on opportunities within the ETF space as they arise,” she added. “Our goal here is to be responsive to the market and clients’ needs, and this gives us the space and flexibility to do so in a thoughtful manner.”
She said the firm already has some exposure with ETFs on two fronts. Affiliate Nuveen Asset Management is the subadviser for six index-based municipal bond ETF strategies for State Street Global Advisors. The funds currently have more than $4.5 billion in assets. Also, the firm by the end of the year should be done converting two actively managed closed-end commodity pools to an open-end ETF structure.
Mr. Kremenstein was managing director, asset and wealth management at Deutsche Asset and Wealth Management and was responsible for the launching the firm’s ETF business.
A spokesman for Deutsche could not immediately reached for comment on Mr. Kremenstein’s replacement.