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Jennifer Grancio

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56
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2023-01-13
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2023-01-13
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  1. “Market and the business continued to grow and grow. And then I think from an ETF industry perspective, We did some important work on trying to protect the category of ETFs. So we did a lot of work with U.S. regulators, European regulators. I ran the business in Europe for a while as well, talking about the differences between a passive index fund, for example, NETF that's got commodity exposure, and ETF that's leveraged or inverse in terms of trying to protect the vehicle and protect the category. And really since then, there's just been continued explosive growth.”

    2023-01-13 · Masters in Business · Jennifer Grancio on Passive Index Funds and ETFs · IDENTIFIED FROM THE TRANSCRIPT · source

  2. “Yeah, so we built the iShares business first within Barclays. And we were a small but mighty team doing ETFs and the whole idea, remember, of ETFs is to go into challenge mutual funds and challenge active management. So that's a big thing to take on. And so as BlackRock worked through the acquisition of all of the VGI business, including iShares, we spent a couple of years then getting to know BlackRock as a little iShares team and talking about ETFs and fee-based advice and portfolio construction and all these things that we thought were trends we could take advantage of and use to build the business. But then the business really just got from strength to strength after that acquisition. We came out of the financial crisis a few rocky years in the ETF industry overall. Vanguard decided to get into ETFs in a serious way. BlackRock and iShares launched that core series as a competitive business. So kind of responding to what was going on in the”

    2023-01-13 · Masters in Business · Jennifer Grancio on Passive Index Funds and ETFs · IDENTIFIED FROM THE TRANSCRIPT · source

  3. “Yeah, and the interesting thing about an ETF business is that it takes a long time to build. And so to your question, around that time, going into 2008, Barclays Need in Cash, and the index business was starting to take off in the form of ETFs, or at least we thought that, but it was still a relatively small business. And so who are the other people that probably looked at that acquisition, included other big indexers, big asset managers who weren't sure was indexing going to be a thing or not? Because remember at the time ETFs and index were synonymous. But Larry, you know, was more forward-looking.”

    2023-01-13 · Masters in Business · Jennifer Grancio on Passive Index Funds and ETFs · IDENTIFIED FROM THE TRANSCRIPT · source

  4. “No, it was growing very quickly, and that business was an institutional business. So as an institutional business, we did indexing. We thought indexing was cool. And the iShares and the ETF idea came from, we just had a fundamental belief it was a better mousetrap. So there's something about an ETF, and we could go into that another time. There's something about an ETF that's a better mousetrap than a mutual fund. And so for Barclays Bank, we pitched, here's a great idea. Let's build this ETF business in the U.S. And it's a way for Barclays to build in the United States. And so we launched the business in 2000. So we launched it right into the dot-com crisis.”

    2023-01-13 · Masters in Business · Jennifer Grancio on Passive Index Funds and ETFs · IDENTIFIED FROM THE TRANSCRIPT · source

  5. “Exactly. Yes, exactly. Yeah. So if you go back, management consulting move back to California, decided I was going to be a California person, not in New Yorker. No offense to New York. Spend a lot of time. Bed of weather. Geography is beautiful. And so I went looking for what I thought would be the best asset management business. I focused on asset management within the consulting space, like this idea that somehow if you got portfolio construction and savings right, you help people over time. And so I joined what was Berkeley's at the time, the asset management business of Barclays Bank was this little firm called Barclays Global Investors based in San Francisco.”

    2023-01-13 · Masters in Business · Jennifer Grancio on Passive Index Funds and ETFs · IDENTIFIED FROM THE TRANSCRIPT · source

  6. “Yes, I think like a lot of people in undergrad actually ended up, I went to Stanford thinking I was going to do genetics in science, did an internship pivoted, ended up doing international relations. Then as you head towards the end of college, you figure you're going to save the world. I'm going to go work for the World Bank. World Bank wants you to take out more student debt and get a master's degree. So like so many other bright-eyed graduates, I trooped off to one of the traditional professional services professions. The thing was kind of interesting for me about consulting was this idea that you almost apprentice with somebody that's senior and you run around and try to help companies with problems. So seemed like a good idea at the time. At the time. And that's what I went off to do.”

    2023-01-13 · Masters in Business · Jennifer Grancio on Passive Index Funds and ETFs · IDENTIFIED FROM THE TRANSCRIPT · source