ETF Providers Flocking to San Francisco


The musicians in Journey aren't the only ones who are fond of the City by the Bay. It looks like San Francisco is on the verge of becoming an exchange traded fund ( ETF ) providers' mecca after another name has announced it's setting up shop in the city.

The fastest-growing ETF provider, Charles Schwab , is stationed there and iShares , the largest ETF provider, calls this home base. U.S. Commodity Funds calls Alameda, a city in the East Bay, home. Now, Kathleen Pender for The San Francisco Chronicle reports that Russell Investments is setting up shop.

Russell, formerly based in Tacoma, Wash., is setting up its investment management and consulting firm best known for its stock indexes, and has already hired about a dozen people. Some of the rumored employees include three former iShares executives - and there are openings for nine more. Russell currently has nine ETFs in the pipeline.

Although several companies - including iShares - license Russell's indexes for their ETFs, this is the first time Russell will market its own line of ETFs .

Tisha Guererro contributed to this article.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

This article appears in: Investing , ETFs

Referenced Stocks: ETF

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