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Matt Dusk sings Sinatra in Halifax/PEI/Moncton | SaltWire - Large, established asset managers that have been slow to cash in on investor demand for exchange-traded funds are now trying to grab a slice of the market with a flurry of new ETFs and also by converting existing mutual funds into ETFs.
Around 75% of the 376 new ETFs launched this year through Oct. 6 were active, according to Morningstar Direct. That means that rather than tracking an index, a manager or team is selecting assets aimed at reflecting an investment strategy or outperforming a specific benchmark. "Some industry participants are playing catch-up," said Brendan McCarthy, head of ETF distribution at Goldman Sachs Asset Management which launched a small cap active ETF last week. It manages six other active ETFs, and 36 ETFs in total.
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