Cathie Wood's ARK Invest has launched new exchange-traded funds in the UK and Germany as part of its European expansion following the acquistion of Rize last year.
The $14 billion flagship ARK Innovation Ucits ETF managed by Wood and life scienced focused Genomic Revolution ETFs have both launched in the UK and Germany today, as well as new Artificial Intelligence & Robotics ETF that it said is "tailored specifically for the European market".
Launches will take place for the trio on the Italian and Dutch stock exchanges tomorrow.
All three are actively managed ETFs with a focus on disruptive innovation, the fund manager said, and are classified as SFDR Article 8 funds, which means they promote environmental and social objectives but do not have ESG as their core objectives.
ARK bought a 70% stake in London-based Rize, since rebranded ARK Invest Europe, from AssetCo PLC (AIM:ASTO) last September for £10.5 million.
Wood, CEO of ARK, said today that she was "thrilled to finally introduce" first ETFs from her company to European investors.
"Over the past decade, a substantial portion of our website traffic, subscriber base, inbound requests, and social media traffic have come from people in Europe - a clear signal of the strong interest and demand for ARK’s investment strategies within the European market.
"Launching these UCITS ETFs is not just a response to that demand but a declaration of our long-term commitment to Europe. We’re bringing our best ideas and a decade-long track record to Europe, backed by a best-in-class product and distribution team from the former founders and team members of Rize ETF.
"This marks the beginning of a deep, enduring partnership with European investors, as we head into a future shaped by disruptive innovation."
An analysis by Morningstar earlier this year found that ARK had destroyed $14bn in wealth over the past decade, topping the list of wealth destroyers among investment companies.