Grail Advisors, a provider of actively managed exchange-traded funds, has recruited Gary Black, the former chief executive officer of Janus, to serve as a director on its advisory board.
“Having an experienced executive like Gary Black join our team is a solid validation of the Grail Advisors business strategy,” said William M. Thomas, chief executive officer of Grail Advisors. “We are changing the face of managed investments, and Gary’s presence will help us build momentum.”
Black joined Janus in 2004 as president and chief investment officer, becoming CEO two years later. Prior to Janus, he was chief investment officer of global equities and a partner with Goldman Sachs. Previously, he was executive vice president and global head of the institutional business for Alliance Bernstein. Black started his investment career as a senior research analyst in 1992 at Sanford C. Bernstein.
He started a new money management firm in October, Black Capital Management, which will offer traditional long-only and absolute-return strategies to both retail and institutional investors.
“It’s clear to me that Grail Advisors is out in front of the fund industry with its actively managed ETF product,” Black said. “I’m keenly interested in helping the firm stay on the leading edge of this product evolution.”