Veriti Rebrands With First Trust Name And Appoints New CEO

Direct Indexing Wealthtech Firm Rebrands As First Trust Direct Indexing, Aims To Integrate With Distribution Network, Hires Nasdaq Veteran As CEO

Direct indexing provider Veriti Management, with over $1 billion in assets under management, announced its rebranding as First Trust Direct Indexing, taking the name of First Trust Portfolios, an asset manager with approximately $200 billion in assets under administration, which acquired Veriti in July 2022. 

First Trust Direct Indexing’s services include customization for tax and portfolio optimization, values-based investing, portfolio tilting, risk management, thematic positioning and benchmark replication. 

Concurrently, the firm appointed Robert Hughes as CEO, succeeding Co-Founder and Managing Partner James Dilworth in the role. Hughes’ primary focus as he takes the reins will be integrating the firm’s direct indexing resources and capabilities with First Trust Portfolio’s distribution network. 

“With expanded distribution channels and educational tools and support, paired with Rob’s leadership, I have no doubt that the team will be able to quickly capitalize on explosive growth in the direct indexing market,” said Dilworth. 

Hughes served as Co-Head of Distribution and Chief Commercial Officer at Alerian and S-Network Global Indexes (now VettaFi), launching new investment strategies and indexes. Previously, he served as Global Head of Index and Advisor Solutions at Nasdaq, at which he launched over 300 exchange traded products across 23 countries and also led Dorsey Wright and Associates’ RIA business.

“First Trust is well positioned to help advisors solve the dual demands of individualized account customization and a smart approach to delivering tax alpha that can tilt client portfolios to their satisfaction,” said Hughes. 

“I’m excited to be joining at a pivotal time in the industry. The elite team at First Trust Direct Indexing has developed a simple and powerful delivery tool for advisors, while also creating personalized solutions to help them meet clients where they’re at in terms of values, needs and goals.”

Dilworth added, “First Trust Direct Indexing was built by advisors, for advisors, making it a natural leader in direct indexing solutions for the broader industry.”

James Miller, Contributing Editor & Research Analyst at Wealth Solutions Report, can be reached at ContributingEd@wealthsolutionsreport.com