In an effort to expand its industry-leading exchange traded fund, Nasdaq Global Funds has reached a deal with ALPS Mutual Fund Services to wholesale its Nasdaq-100 index tracking stock, popularly known as the QQQ. Terms of the agreement were not released.
"We believe this development will expose more investors to a portfolio that represents companies that are at the forefront of their respective industries," said John Jacobs, CEO, Nasdaq Global Funds, in a statement.
The distribution agreement builds upon a six-year business relationship between the two companies. In short, Denver-based ALPS will provide Nasdaq with salespeople who will educate major brokerage firms, registered investment advisers and other investment professionals on the potential advantages of including the QQQ in client portfolios, officials said.
Financial services industry veterans Kevin Ireland and Christopher Jemapete have been hired as regional sales directors to lead the promotional push. They have a combined 52 years of industry experience and both have worked with ETFs extensively, officials said. An internal wholesaler will support them.