Kansas City-based American Century Investments plans to start offering exchange traded funds, or ETFs, early next year. The company announced the hiring of an expert in the field to help set up the operation.
Edward Rosenberg, formerly with Northern Trust’s ETF business FlexShares, joined American Century on Thursday as a senior vice president and head of ETF capital markets and analytics, the company said.
Exchange traded funds traditionally own a basket of related stocks that do not change, allowing investors to buy and sell a group of energy companies’ shares, retailers’ shares or similar industries’ shares or investment options.
American Century intends to offer actively-managed funds that can vary their holdings but also trade themselves on an exchange.
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Rosenberg has previously been involved in the ETF businesses of Russell Investments and Vanguard.