Denver-based Janus Capital Group has agreed to pay $30 million to acquire the parent company of VelocityShares, a provider of institutionally focused exchange traded funds.
The deal to buy VS Holdings is the first foray into ETFs for Janus and should serve as a "platform" for new Janus hire Bill Gross to "roll out fixed-income ETFs," Morningstar analyst Gregg Warren said.
About $1.8 trillion sits in the U.S. ETF market, but only 32.5 percent of that is owned by institutional investors, such as sponsors of defined benefit and contribution plans, according recent research from Cerulli.
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