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Alternative Market Briefing

Ark CEO Cathie Wood buys back option that had threatened control

Tuesday, December 29, 2020

Laxman Pai, Opalesque Asia:

Cathie Wood, the founder, and CEO of Ark Investment Management will retain control of her asset-management company that focuses on investing in innovative and disruptive companies.

The fight for control of Ark is over after Cathie purchased the option that threatened her control.

Ark Invest, which Wood founded in 2014, entered a monthlong battle for controlling interest in the firm after its distributor sought to take control of it via an option it acquired in July 2016.

The two firms on Monday announced terms of a "long-term arrangement" in which Resolute will remain ARK's distribution partner, while ARK founder Cathie Wood will remain the New York asset manager's majority shareholder.

Ark, which has $43.6 billion in assets under management, will retain Resolute's distribution services for its products.

"We can succeed only with strong partners by our side and we are delighted to have reaffirmed the partnership with Resolute for our U.S. distribution," Wood said in a statement.

"Cathie Wood and her team have done an exemplary job building ARK Invest from the ground up, and we look forward to supporting the firm's momentum for years to come," said Gene Needles, Resolute's Chairman, and Chief Executive Officer. "We're pleased to continue being an instrumental part of ARK's growth, a role we have fulfilled since acquiring a minority investment in the company in 2016."

In a separate deal with Wood, Resolute has "extingui......................

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