AdvisorShares will create an actively managed ETF with a high yield bond focus, in partnership with Peritus Asset Management in the US.
Peritus, a value-based, active credit investment manager, has also agreed to develop all future ETFs with AdvisorShares.
AdvisorShares CEO Noah Hamman says Peritus has an "outstanding" track record managing high yield investments and believes one important advantage of actively managed ETFs is to allow more investors to benefit from skilful advisers.
Peritus Asset Management chief investment officer Tim Gramatovich says: "At Peritus, we take a value-based contrarian approach to the credit markets, foregoing relative value and new issue participation in favour of absolute returns."
He adds: "We look for structural and technical inefficiencies within secondary credit markets that create tremendous investment opportunities."
Vitality at Work scheme
Reporting to Steve Hill
Appointed on 19 September
Plans to double size in five years
Unnamed company valuation reduced