Goldman Sachs Hires Fixed Income PM from JPM

Goldman Sachs Group Inc., in the midst building out its $34.6 billion ETF business, hired J.P. Morgan Chase & Co.'s Alvaro Quiros as a fixed income exchange-traded fund portfolio manager.

Based in London, Quiros will be responsible for managing Goldman's range of fixed income ETFs and building on the firm’s expertise in areas such as active fixed income and sustainability, the company said. He'll focus on ETFs issued outside of the U.S. Previously, Quiros spent six years at J.P. Morgan, including a period in fixed income ETF portfolio management roles.

Goldman Sachs has been adding new leadership and funds to its ETF business, expanding its franchise as rival investment banks, high-profile investors and other financial services firms seek to enter the rapidly growing field. ETFs are widely expected to hit $10 trillion in assets next year, after just barely 30 years since the first was issued, thanks in part to the investment vehicles successfully snatching market share from mutual funds

Goldman, which manages 44 U.S.-issued funds, last month installed Byron Lake as chief transformation officer for Goldman’s Client Solutions Group after Lake helped J.P. Morgan develop its ETF business into the sixth-largest in the U.S. New York-based J.P. Morgan has with 62 U.S. funds with assets of $160.2 billion, nearly five times those of Goldman Sachs.

Goldman Sachs' ETF Launches

Lake replaced outgoing ETF head Mike Crinieri at Goldman. The leadership reshuffle also saw Goldman's Europe/Middle East/Asia ETF head Peter Thompson retire in May.

Goldman has launched a handful of ETFs over the past year, including four muni bond funds at the end of July, and started a so-called accelerator aimed at helping other firms get their exchange-traded funds to market.   

Last week, J.P. Morgan promoted Travis Spence to global head of ETFs with immediate effect.

"Lots of exciting work ahead to expand our fixed income ETF business!," Quiros wrote on his LinkedIn page. Before working at J.P. Morgan, Quiros began his career with two years as an analyst at DWS covering ETF and index investing.

This article was first published on etf.com sister publication ETF Stream.