Cathie Wood’s Ark Invest Rocked as Shareholder Seeks Control
- Resolute Investment to exercise option to purchase stake
- Wood runs three of the 10 best-performing equity ETFs in 2020
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A fight for control has broken out at one of the biggest success stories in the exchange-traded fund world this year.
Cathie Wood, head of Ark Investment Management and manager of the wildly popular Ark Innovation ETF (ARKK) -- which almost doubled this year -- is combating a move from Resolute Investment Managers to purchase a controlling stake in her company, according to a regulatory filing. Resolute, which helps distribute mutual funds and ETFs including Ark’s products, acquired a minority investment in Ark in July 2016 and the option to purchase a controlling voting and equity interest, which is exercisable in early 2021.