Windhaven Founder Cucchiaro Steps Down

By Staff
June 30, 2014

Schwab’s Sonders to assume Windhaven role.

Windhaven Investment Management, the world’s largest ETF strategist, with more than $19 billion in assets under management, said today that founder and Chief Investment Officer Stephen Cucchiaro is leaving the firm for personal reasons.

Cucchiaro founded the firm in 1994 as Windward Investment Management. It pioneered the use of ETFs to create tactical, macro-oriented portfolios, originally combining ETFs with mutual funds and eventually moving to largely ETF-only portfolios as the ETF market matured.

Charles Schwab & Co. acquired the firm in November 2010 for $150 million, when the firm had roughly $4.2 billion in assets under management. The acquisition is considered a seminal moment in the growth of the “ETF strategist” industry, and of the ETF industry in general.

With Cucchiaro’s exit, Schwab said that its Chief Investment Strategist Liz Ann Sonders will join Windhaven’s investment management team and chair its investment committee.

“Liz Ann brings a wealth of experience and knowledge on investment strategy and the markets and a deep understanding of Windhaven’s unique investment approach,” Bryan Olson, president of Windhaven Investment Management, said in a press release. “We’re so pleased to have her in this role.”



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