Global X has now surpassed $8 billion in assets under management, five months after announcing it had grown to $7 billion in size.
The ETF provider has made several announcements this month alone, having appointed a new CEO this week while also dropping hints regarding the launch of a new ETF on the ASX.
Speaking to InvestorDaily, Global X head of Sales Manny Damianakis said that 2024 has been a record year for the firm.
“This week we’ve also passed through $1.1 billion in net cash flows for the calendar year. That’s been one of our strongest years on record,” Damianakis said.
Last year Global X declared its intention to chase down local competitors in a bid to reach $10 billion in AUM by the end of 2025.
When asked how the team is progressing towards that objective, Damianakis said the ETF provider is “on track” with recent business developments doing some heavy lifting.
“I think the big difference between where we are now versus where we were previously, is that we are dealing a lot more with financial advisors, and the growth of managed accounts has helped,” he said.
“So we're in a lot of those portfolios now, which we weren't in previously. On that basis, we're on track to continue the business growth.
“We've got good people, good products, it's just about using different channels, that makes a big difference, too. We deal with advisors, private wealth SMA providers, direct investors. So it's just kind of about making sure that our products are as broadly available as possible.”
Looking at the products that Global X has leveraged on its journey to $8 billion, Damianakis said that although it's been a “good mixture”, there have been standouts.
“Obviously our FANG ETF has been one of the main, probably the largest, products in terms of net flows this year,” he said. “That's just a popular way to access the bigger cap US tech stocks. So investors have done really well there.”
“Gold and US treasuries have also been good for us in terms of positive flows and sizeable assets,” Damianakis stated, adding that Global X is also seeing a “lot of money” flowing into defensive assets.
In August Global X Australia chief executive, Evan Metcalf, announced his intention to step down from the role following a decade with the firm.
At the time, the firm said that Damianakis, alongside chief operating officer Oliver Reynolds, would oversee day-to-day operations through the course of the handover.
This week, current managing director at GAM Investments, Alex Zaika, was appointed CEO effective from 4 November.
