ETF veteran signs on with IndexIQ

Agustin “Gus” J. Fleites is now the president of IndexIQ Advisors, a new asset management subsidiary of IndexIQ Inc. of Rye Brook, N.Y., the company announced today. It’s the third company Mr. Fleites – considered by some industry experts to be a pioneer in the exchange traded fund industry – has signed on with in as many years. He left State Street Global Advisors in May, 2005, where he was managing director and head of SSgA's ETF initiatives. He was then hired by ProFund Advisors LLC of Bethesda, Md., where he was chief investment officer until leaving in October 2006. “Gus is an industry pioneer who has earned his reputation in asset management building multibillion dollar platforms and introducing innovative strategies and products that have given investors and advisers access to institutional approaches to wealth management,” Adam S. Patti, chief executive at IndexIQ, said in a statement. “His extensive industry experience and strong commitment to IndexIQ’s philosophy make Gus the ideal person to lead the launch of our asset management business as we bring our rules-based alpha strategies to the marketplace.”