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Global X announces restructure including redundancy

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Global X ETFs has confirmed it is undergoing a restructure which has resulted in a key exit announced on Tuesday.

In a statement on Tuesday, the company said that both its head of distribution, Kanish Chugh, and its head of investment strategy, Blair Hannon, have departed the business.

While Mr Hannon departed to “pursue a role with another asset management brand” earlier this month, Mr Chugh’s role has been made redundant as a result of a restructure.

According to Global X, the restructure is designed to position the brand for “continued growth”, as well as to “align” its operations with the functional structure of other Mirae Asset-owned investment brands worldwide.

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“This decision elevates the importance and growth of two separate sales and marketing teams, while ensuring that our strong culture of collaboration and cooperation are supported,” the firm said.

“Kanish has made a significant and visible contribution to our business, and we acknowledge his strong commitment and efforts in supporting the growth of Global X ETFs Australia since he joined the former ETF Securities in 2015. The Global X ETFs business thanks Kanish and wishes him well in his next endeavours.”

Global X added that “this announcement” creates a “unique opportunity” for the firm to continue to “build its recent growth momentum”, having achieved a milestone of $6 billion in funds under management in August 2023.

Mr Chugh was the first to announce his abrupt departure in a LinkedIn post on Monday, which he described as one accompanied by “mixed emotions”.

He revealed that his position had been made redundant but added that he is “pleased to leave the business in a robust position”.

“Since joining in 2015, I had the privilege of contributing to the establishment of a new market provider in ANZ ETFS, followed by my role in rejuvenating ETF Securities in Australia,” Mr Chugh wrote.

“In the last 18 months, I enthusiastically embraced the challenge of launching Global X ETFs into the Australian market, overseeing the growth of the business and distribution (sales/marketing) team.

“Throughout these nine years, I had the privilege of collaborating with many colleagues and industry peers and supporting numerous clients and investors on their ETF journeys. This rollercoaster ride has been filled with cherished memories and significant accomplishments.”

Regarding Mr Hannon, he was only at the business for 18 months having joined the firm from BlackRock. Mr Hannon departed Global X on 1 September and is currently employed as an ETF investment strategist at Macquarie Group.

“Global X has taken the opportunity to refine our attention to the strong investment strategy and research function within Global X that Blair has helped to establish. We wish Blair well and thank him for his contribution to Global X since joining in 2022,” the firm said on his departure.

Last June, it was announced that the then ETF provider ETF Securities Australia had been acquired by Mirae Asset Global Investments and its New York-based subsidiary Global X ETFs.

In a statement released at the time, Mirae Asset and Global X said that the acquisition provided them with the opportunity to add instant scale to the Australian market.

A few months later, in September, ETF Securities Australia announced a rebrand to Global X ETFs.

It said at the time that the international recognition of Global X, which has a network of over 1 million clients across 95 countries, was at the heart of the decision to rebrand.

Global X announces restructure including redundancy

Global X ETFs has confirmed it is undergoing a restructure which has resulted in a key exit announced on Tuesday.

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Maja Garaca Djurdjevic

Maja Garaca Djurdjevic

Maja's career in journalism spans well over a decade across finance, business and politics. Now an experienced editor and reporter across all elements of the financial services sector, prior to joining Momentum Media, Maja reported for several established news outlets in Southeast Europe, scrutinising key processes in post-conflict societies.

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