Scott and Giolitti Join Wurts & Associates

Seattle-based Wurts & Associates selected Jeffrey Scott as Chief Investment Officer and Max Giolitti as Director of Risk Allocation.

Scott has served as CIO of the Alaska Permanent Fund for nearly three years, and has more than twenty years of investment experience. He previously acted as Assistant Treasurer at Microsoft, where he worked with Giolitti, then the Director of Quantitative Analysis. The two recently worked together again after Scott was selected to be the CIO for the APFC, where Giolitti was the Director of Asset Allocation and Risk, in 2008.

Scott will continue with the APFC through early August and officially join Wurts & Associates shortly thereafter. He will focus on leading the investment professionals and managing the company’s discretionary business.  Giolitti will support the consulting team and the implementation of risk management solutions for discretionary clients.

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“We are thrilled to have Jeff and Max join Wurts & Associates,” said Wurts CEO, Jeff MacLean. “Conventional wisdom needs to be challenged in how we allocate assets and manage risk in portfolios. Jeff’s well established background and thought leadership will help Wurts & Associates redefine how institutional investors should allocate their assets relative to liabilities and objectives.”

 

ETFs Post Net Outflows in May

Strategic Insight, an Asset International company, estimated that U.S. exchange-traded funds (ETFs) experienced roughly $6.5 billion in net outflows in May.

May was the first month of net outflows from ETFs after eight consecutive months of net inflows. Most of the net outflows came from U.S. equity ETFs, which saw $10.5 billion in net outflows (compared with $11.3 billion in net inflows in April).   

Meanwhile, investors put $2.5 billion of net inflows into bond ETFs.   

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According to the data, U.S. ETF assets stood at $1.11 trillion at the end of May, down from $1.13 trillion a month earlier.   

“Despite a pullback in May, U.S. ETFs are still on pace to log their fifth straight year of $100 billion or more in net inflows,” said Loren Fox, senior research analyst at Strategic Insight. “This is a testament to the growing retail and institutional demand for ETFs.”  

More information about Strategic Insight is at http://www.sionline.com.

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