VelocityShares, the new ETN company known for its volatility-linked products, named to its board J. Parsons, who was previously global head of iShares sales while it was part of Barclays Global Investors.
VelocityShares first entered the ETP market with the launch of six VIX-based ETNs in November 2010, among them the VelocityShares Daily 2X VIX Short-Term ETN (NYSEArca: TVIX). The company said its family of ETNs has since amassed about $180 million in assets.
Parsons, who led iShares’ global business development from its inception through its sale to BlackRock, said he is “thrilled” to help the company continue to grow.
“The advent of VIX-based exchange traded products has made volatility trading accessible,” Parsons said in a press release announcing his appointment. “Trading in VIX-futures [has] increased 20-fold since the first VIX-related ETPs were launched in January 2009.”
VelocityShares’ lineup of VIX-linked ETNs includes leveraged as well as inverse strategies. It said TVIX now trades more than 1 million shares a day, and is one of the most liquid ETPs launched in the last six months.
Parsons left BlackRock in 2010.