World Cathie Wood retains majority ownership of Ark Invest following bid for control by minority shareholder
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- Cathie Wood, founder of Ark Invest, has retained control of her asset management company that focuses on investing in innovative and disruptive companies.
- Ark's distributor, Resolute Investment Managers, had sought to exercise an option it acquired in 2016 to purchase a controlling voting and equity interest in the company.
- ARK Invest has repurchased the option from Resolute for an undisclosed amount and will continue to utilise Resolute to help distribute its ETFs and mutual funds, according to a statement.
Cathie Woodthat has made waves in the investment industry over the past few years.
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Lin Wood shared a plan to boycott Georgia's upcoming Senate runoff race, and hinted at arresting GOP Senators Kelly Loeffler and David Perdue. © Elijah Nouvelage/Getty Pro-Trump lawyer Lin Wood tweeted a plan to boycott the upcoming Georgia runoff race and hinted at arresting Senators Ke In this photo, Ivanka Trump, Loeffler and Perdue wave to the crowd at a campaign event on December 21, 2020 in Milton, Georgia.
Ark Invest, which was founded by Wood in 2014, entered a month-long battle for controlling interest in the firm aftervia an option it acquired in July 2016.
ARK Invest offers ETFs, mutual funds, and other investment vehicles such as separately managed accounts that invest in companies enabling disruptive innovation in fields like artificial intelligence, genomics, and cryptocurrency.
After its founding, ARK saw little uptake in its investment products by professional investors, so it hired Resolute Investment Managers to help distribute its ETFs and mutual funds. As part of the distribution deal struck in 2016, Resolute acquired a minority stake in Ark Invest and an option that gave it the right to acquire a controlling stake in the company in early 2021.
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With strong inflows into Ark Invest products over the past couple of years, due in part to ARK's stellar performance and its track record for investing early in companies like Tesla, Resolute's option to acquire a majority stake in the company became more attractive.
According toearlier this month, Wood said Ark Invest now manages $US50 billion in assets.
"Our business is very profitable," Wood told Bloomberg. Ark's flagship fund, the, alone generates annual revenue of $US67 million based off of its AUM as of September 30. The ETF has surged 166% year-to-date as of Thursday's close.
As part of the agreement, Ark Invest has reacquired the option from Resolute for an undisclosed sum. Wood will remain the firm's majority shareholder, and Ark Invest will retain Resolute's distribution services for its products in a long-term agreement. Length of the distribution agreement was not disclosed.
Lin Wood's Twitter Suspended, Pro-Trump Lawyer Talks of 'Coup' on Parler .
The Twitter account of Wood's Fightback organisation, which its website says was established to "defeat the evil forces of the left," was also suspended.Wood claimed those who smashed their way into the building were antifa supporters. "Do not be fooled. Trump supporters are peaceful. It was antifa that created the violence in our cities over the past several months," he wrote.