Luis Berruga has stepped down as CEO of Global X Management Co., the New York-based ETF provider said in a Nov. 20 news release.
Thomas Park, co-CEO of Mirae Asset Global Investments (USA), an affiliate of Global X's parent company, Mirae Asset Global Investments, will lead Global X on an interim basis while it conducts a search for Berruga's permanent replacement, a Global X spokesperson said.
"Luis made the decision to refocus on himself, friends and family," the spokesperson said.
"This was a personal decision and not one he took lightly."
Park has been a board member of Global X since Mirae Asset Global Investments, the asset management business of Seoul-based Mirae Asset Financial Group, acquired Global X in 2018, the spokesperson said. The leadership change is effective immediately, she said.
Berruga joined Global X in 2014 as chief operating officer and was named CEO in 2018, the release said. Under his leadership, Global X's assets under management increased to $39 billion, and its market share has nearly doubled, the release said.
The $39 billion in assets under management Global X had as of Oct. 31 was all in ETFs, the spokesperson said.
"On behalf of everyone at Global X and Mirae Asset, I want to thank Luis for his leadership and dedication to the firm," Park said in the release. "We are grateful to Luis for the legacy he has created and wish him the best in his next chapter."
Mirae Asset Financial Group had more than $520 billion in assets under management worldwide as of Oct. 31, the spokesperson said.