ES Investment Consulting
ESIC aims to provide critical solutions for clients in the areas of ETF product strategy, ETF basket construction, and fixed income portfolio oversight.
We are experts in fund management, ETF tools and technology, indexing, and fixed income fund strategy. Our founder has 20 years of leadership experience building and managing many of the largest bond ETFs and index funds in the world at BlackRock and SSGA, and building the relationships, tools, and procedures to support their growth.
ESIC exists to solve complex problems in the ETF management process. We can help design the products, systems, and procedures that are essential to growing your ETFs efficiently. We work with your internal teams, AP partners, and external vendors to design and implement the key systems to effectively launch and grow your fixed income suite of ETFs.
We can also help design and implement the necessary policies & procedures to take full advantage of custom baskets for the benefit of your ETF shareholders (Rule 6c-11). We have overseen thousands of custom baskets - comprising billions of dollars in create / redeem activity.
Sample Menu of Services
- Review, design, and implementation of ETF investment systems, tools, and infrastructure.
- Build or oversee Capital Markets function and relationships.
- Advise on ETF Product strategy, competitive landscape, product design, and fund launch.
- Review, design, and document all policies and procedures that govern ETF management workstream.
- Design process for custom basket management, risk monitoring, and documentation (Rule 6c-11).
- Establish integral relationships and connections with Authorized Participants, market makers, traders, vendors, and other ETF ecosystem participants.
- Develop procedures for comprehensive risk oversight of ETF portfolios and creation/redemption process.
- Oversee ETF / indexing portfolio management function or risk oversight.
- Advise on ETF product distribution, investor education, and thought leadership strategy.
- Advise on resourcing needs and oversee hiring of ETF specialists.
- Ad-hoc research, presentations, or educaton on ETFs, Fixed Income, or Investment Process.
- Advisory Board membership.
- Mutual Fund or ETF Board / Trustee membership.
ES Investment Consulting LLC (ESIC) was founded by Elya Schwartzman, a recognized leader in the ETF ecosystem. Elya spent two decades at the heart of the ETF and asset management industry, managing funds for BlackRock and State Street Global Advisors (SSGA).
From 2010 until 2019, Mr. Schwartzman was a team leader and Senior Portfolio Manager at BlackRock, where he oversaw $200B in AUM globally, and designed integral systems to support ETF primary markets, asset growth, and custom basket activity. He holds a US patent on a system for processing ETF custom baskets, developed during his time with BlackRock.
From 1999 to 2010, Mr. Schwartzman was a Senior Portfolio Manager at State Street Global Advisors (SSGA), where he was instrumental in the launch of the fixed income ETF suite for SPDRs, and developed essential tools for the management and oversight of fixed income ETFs when they were nascent to the market. Elya was an early pioneer in the development and implementation of “custom create & redeem baskets” for fixed income ETFs.
ETFs that Elya has managed include: LQD, FLOT, JNK, CWB, ICVT, IGSB, IGIB, LQDE LN, SUSB, SUSC, QLTA, LQDH, Target date iBonds, BWX, BWZ, and many others.
Mr. Schwartzman also has extensive experience designing and managing complex, custom fixed income portfolios for large global institutional clients.
Elya holds an MBA from the MIT Sloan School of Management and a BA in Economics from Trinity College (CT).
For additional information, including a bio and work experience, please see Elya's profile on LinkedIn.
Elya's recent discussion of the Fed ETF buying program can be accessed Here.
Elya's analysis of bond ETF flows through mid-June can be accessed Here.
Elya's research is featured content at ETFLogic.
Wells Fargo Asset Management
Partnered with Sr. leadership to design and implement integral procedures, tools, and relationships for the pending launch of the company’s first ETF. I worked closely with internal accounting and external custody to ensure proper generation and consumption of ETF-related files. I advised and trained the portfolio management team on the primary market process, including cash and in-kind create/redeem procedures and requirements. I worked with Sr. compliance and legal staff to ensure proper risk controls and documentation, for both internal and regulatory purposes. I advised senior staff on product strategy, ETF market structure and ETF trends. Finally, I oversaw the process of onboarding Authorized Participants and structuring essential capital markets functions and relationships.
I provide guidance on product strategy, feedback on portfolio tools, promote the company’s analytics and data platform, and help to connect ETFLogic to potential clients and partners. I also provide research and market insights for the ETFLogic blog.
I provide ad-hoc education and training on ETFs, all-things fixed income, investment process, and investment tools and technology. I train portfolio management and capital markets teams on the create/redeem and custom basket process for ETFs. I provide guidance on back-office, compliance, and risk-oversight requirements for ETFs; and I write and present on fixed income & ETF market trends and product developments.
Contact us with any questions. We love to talk Bonds and ETFs!