Global X CEO Berruga Departs After a Decade

Luis Berruga has “decided to step down” as CEO of $39 billion ETF issuer Global X, issuer of the popular Global X NASDAQ 100 Covered Call ETF (QYLD), after almost a decade at the firm.

Effective today, Berruga has departed after five-and-a-half years as CEO, having entered the firm as chief operating officer and chief financial officer in 2014. He will be replaced by interim CEO Thomas Park who is a Global X board member and co-CEO of the U.S. arm of parent company Mirae Asset Global Investments as the firm searches for a permanent replacement. 

A Global X spokesperson said Berruga’s departure was voluntary and so he could “spend more time with his friends and family.” 

Mirae announced Berruga would replace Global X co-founder Bruno del Ama as CEO when its acquisition of the ETF issuer went public in February 2018. Berruga oversaw Global X’s ETF market share doubling, its entry into European ETFs in December 2020 and the acquisition of ETF Securities Australia in July 2022 during his time as CEO. Prior to Global X, he spent a year-and-a-half in investment banking at Jeffries and nine-and-a-half years across product and portfolio management roles at Morgan Stanley. 

“I feel extremely fortunate to have played a part in the development of such an impactful ETF franchise and I want to thank our amazing team and Mirae Asset for helping to build a wonderful firm," Berruga said. “I know this team will continue to deliver a tremendous impact to our clients in the years to come.” 

The news follows Global X appointing Brendan Needham as country head for Ireland from Legal & General Investment Management (LGIM) in February. Mirae also continues to expand its business after acquiring market maker GHCO for $40m last December.

“On behalf of everyone at Global X and Mirae Asset, I want to thank Luis for his leadership and dedication to the firm," Park said. "We are grateful to Luis for the legacy he has created and wish him the best in his next chapter.”