Tom Faust has had enough of the war on active managers. The CEO of Boston’s Eaton Vance, a 91-year-old publicly traded investment management company with $303 billion in assets, is arming his stock and bond pickers with a tool he believes will level the playing field and slow the encroachment of passive strategies into his industry. Eaton Vance is rolling out a new exchange-traded fund designed specifically for active managers by eliminating the need to continually broadcast their best ideas to the market.
但是浮士电没有停下来。他正在授权他公司的专利ETF，叫做NextShares，向他的竞争对手提供，希望共同基金公司的集体力量将使产品成为下一个大事，并将积极管理人员免于灭绝。浮士德，他的家人在Tiny Helena，Arkansas跑了一个锯木厂，并于1976年首次登上了一架飞机，他在Massachusetts理工学院学习机械工程和经济学的途中，相信Nextscares将降低到积极经理的成本降低成本赢得吸引他们赞成廉价指数基金的投资者。预计NextShares预计每年将有效股权相互资金相同，每年平均管理60到80个基点。
“首次，积极的战略将在一个结构中提供，避免拖累积极管理的共同基金的那些效率低下的结构，”芬德，56人说，他曾经看到了行业和农业经济衰落的蹂躏在他的家乡。“这是关于投资者的更好表现，以及从企业的角度来看，它将活跃的管理人员能够更具竞争力，减缓基金业务从活跃到被动的基金业务的转换速度。”
1985年加入伊顿Vance作为自然资源分析师的首席执行官，正在投注创新将有助于他公司的收入和利润增长。虽然伊顿Vance在2014年管理层的资产中达到了高度，但历史记录了收入和收益，使用原创研究的基金公司试图击败市场是压力。去年投资者赞成每个美国股权类别的活跃战略以及一些债券策略。ETF为公司竞争为销售，低成本产品的新扭曲提供了新的扭曲，为指数趋势增加了燃料，并作为顾问将其添加到模型组合中。
作为一名工程师，曾在金钱管理中度过了大部分职业生涯，浮士电长期以来一直喜欢将他的培训应用于新产品和收购。他和以前的首席执行官詹姆斯霍克斯度过了20世纪90年代末，2000年代初期使公司多样化，超出其保守党为富裕投资者管理资金。2003年，他们收购了参数组合伙伴，该组织提供了低收入的投资者服务，如税收和风险管理。浮士德看到一家有助于伊顿Vance远离传统积极管理的公司，在不同的价格点，并扩展到机构市场，当时是其业务的一小部分。Parametric每年为40％的盈利和资产增长。
伊顿Vance还成为2003年至2007年新的封闭式基金资产的最大提升者。但在金融危机期间，由于买家消失和次级市场首选股票的市场，其潜在控股价值的基金以大幅折扣交易。干涸，结束他们的融资来源。封闭式资金市场从未恢复过。福斯特需要一个新的增长来源。
在2007年首席执行官成为首席执行官的浮士电，最初被吸引到ETF的原因 - 他们可以用来降低投资者的税收票据。这是一种与公司税收管理股权基金阵容相得益彰的策略。然而，浮士必士迅速实现，即ETF提供了更多，例如降低交易和转移代理成本，这可能是总资金开支的重要组成部分。2010年，经过四年的再次谈判，伊顿Vance收购了由ETF先锋加里州古斯基州共同创立的管理ETF的知识产权。该公司持有若干专利，专为积极管理人员设计。
After the purchase, the Eaton Vance team, including Stephen Clarke, president of Navigate, set to work on getting Securities and Exchange Commission approval. Matthew Witkos, Eaton Vance’s head of distribution, says Faust was personally involved in many of the details, looking at the patents like a Rubik’s Cube. “We didn’t pay much for this company because it didn’t have all the mechanical things worked out,” says Witkos. “But Tom’s a what-if guy: ‘What if we change this; what if we did this?’ He has an incredible talent for being able to keep concepts in his mind but at the same time moving all the pieces around and remembering everything he tried.”
该队于2011年春季举行了第二届，但这是该机构在很大程度上关闭了新产品的时期，因为它仍然忙于在金融危机之后实施新的法规。两年后伊顿Vance提起批准NextAres;它在2014年底举行了委员会。
Now Faust’s firm is working to get the product to market. For its part, Eaton Vance is planning to launch 18 funds, 17 of which are based on existing strategies, including two overseen by Richard Bernstein, the well-known market guru who was once Merrill Lynch & Co.’s market strategist. Faust ultimately wants all his firm’s funds to come in NextShares format. But the real potential for NextShares is the $10 trillion in U.S. actively managed funds, which are feeling the pinch as index strategies dominate the fund business.
The Eaton Vance CEO is pleased with the roster of active managers that have signed on to NextShares, including $57 billion-in-assets American Beacon Advisors, Mario Gabelli’s $47.5 billion GAMCO Investors, $73 billion Hartford Funds and $37 billion Victory Capital Management. “This will be successful,” says American Beacon CEO Gene Needles, who was head of distribution for Invesco when it acquired ETF provider PowerShares Capital Management in 2006. “We wouldn’t have thrown our weight behind this if we didn’t think it’s the best solution we’ve seen for active. And when NextShares are successful, other firms will have to follow suit. You’ll have to have it, or you’ll lose market share.”
Faust makes the case by pointing to his firm’s research, which shows that 65 percent of a cross section of active funds would have outperformed their benchmarks from 2007 to 2013 if they had used the NextShares wrapper. Looking at the actual performance of these funds, only 43 percent beat their bogeys. “The growth of exchange-traded products relative to traditional funds is killing active managers and feeding the perception that active managers are doomed to underperformance,” says Faust.
In 1993, when the first ETF was introduced, only 2 percent of assets in the fund business were passive. Today 27 percent are passively managed. “Until the advent of NextShares,” Faust says, “the structural benefits of ETFs were only available to passive products.”
浮士电认为，NextAres将改变基金管理行业。“活跃经理被锁定成高成本，低效的结构，将其注定为表现不佳，”他说。“但如果你拿那些相同的经理，你把它们放在更好的结构中，那么你可以改变竞争动态。”
分配头Witkos预计活跃的经理sing NextShares to launch strategies that are truly active, look a lot different from widely used benchmarks and complement core index funds. No benchmark huggers here.
Though it has been a long road for Eaton Vance to get NextShares approved and the firm still faces challenges ahead to get investors to accept the new product, Faust isn’t sweating it: “The worst days in the investment industry are better than the best in the sawmill industry.” •
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