Products April 13, 2011

Global X Funds Launches Waste Management ETF

Global X Funds has launched the Global X Waste Management exchange-traded fund (ETF).
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The ETF (ticker symbol, WSTE), is approximately evenly divided among the disposal of hazardous waste, non-hazardous waste and recycling sectors, according to the announcement. The Global X Waste Management ETF tracks the Solactive Global Waste Management Index, which tracks the price movements in shares of companies that are active in the hazardous waste, non-hazardous waste and recycling industries. As of April 7, 2011, the three largest components of the index were: 

  • Stericycle Inc.  
  • Waste Management Inc. 
  • Veolia Environnement SA 

Global X explained that the reasons for creating the ETF are the “steady rise in demand for energy and consumer products, with an ever-increasing need for sanitation and waste-disposal services,” and the “proper disposal of hazardous and non-hazardous waste is a critical and growing aspect of many industries, especially as corporations are held more accountable for the waste they produce.” 

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Investors in WSTE may stand to benefit from mandatory safety standards and environmental regulations imposed on these companies, said Global X, which will enforce the removal of pesticides, petrochemicals, nuclear, and industrial waste.In addition, Global X reported the process of recycling is critical for managing available resources and controlling the costs of basic materials.  “If the world’s appetite for raw materials continues to grow, recycling may stand to become increasingly cost effective and a more viable substitute for primary production.” 

“The Waste Management ETF (WSTE) provides relatively easy access to a global industry that continues to grow rapidly as the world’s population and individual incomes expand along with the need to manage waste and recycle resources,” said Bruno del Ama, Global X Funds CEO. 

Deals & People April 13, 2011

RidgeWorth Adds Two Chief Compliance Officers

RidgeWorth Investments has hired Robert Zakem as Chief Compliance Officer and General Counsel, and Joseph O'Donnell as Chief Compliance Officer for RidgeWorth Funds.  
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Both have more than 20 years of investment compliance experience, according to the announcement.

Zakem was most recently with Bank of America Corporation, where he served as Managing Director of Global Risk Compliance.Prior to Bank of America, he worked for UBS Financial Services and AIG/SunAmerica Asset Management Corp.  He received his Doctor of Law from the University of Wisconsin Law School and his Bachelor of Science in Accounting from the University of Detroit.

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O’Donnell was most recently with ING Funds, where he served as Executive Vice President and Chief Compliance Officer for ING’s U.S. based mutual fund platform.  Prior to ING, he worked for The Atlas Companies as Chief Legal Counsel and CCO and has over 24 years of investment compliance experience.He received his Juris Doctor from Temple University’s School of Law and his Bachelor of Business Administration from Temple University’s School of Business Administration.

“Bob and Joe are both highly experienced attorneys with impressive track records within the asset management industry,” said Ashi Parikh, Chairman and CEO of RidgeWorth Investments.  “We believe that, with their level of expertise, Bob and Joe will strengthen both the risk management and compliance programs that are so important to our firm and our clients.”

RidgeWorth Investments serves as a holding company that owns interests in eight investment boutiques with approximately $47.2 billion of assets under management as of December 31, 2010.  RidgeWorth serves as the investment adviser to the RidgeWorth Funds mutual fund family. RidgeWorth Investments is a trade name for RidgeWorth Capital Management, Inc., an investment adviser registered with the SEC headquartered in Atlanta.

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