Bill Thomas Grail Advisors CEO

With his highest profile shareholder a believer that ETFs are the winning "cross-border" product of the future, but lacking the scale of rivals including BlackRock, Vanguard, Pimco and Invesco, Thomas has turned to creativity for the answer. This summer he signed on Jeff Gundlach's DoubleLine as subadvisor to an active ETF as part of a strategy that promises to bring headlines to the little known shop. He also inked a similar deal with Legg Mason's Western Asset Management unit that brings its own scale to the game. 

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