(Bloomberg) -- Goldman Sachs Asset Management tapped Bryon Lake, most recently JPMorgan Asset Management’s global head of ETF solutions, as partner.

Lake will have a broad role across the client business beginning this summer, according to a person familiar with the matter, who asked not to be identified because discussions were private. 

Most recently, Lake led JPM’s exchange-traded fund effort globally, including creating new products and overseeing the existing line-up. He was with JPMorgan for over seven years.

“This is like star player joining a division rival,” said Eric Balchunas, senior ETF analyst at Bloomberg Intelligence.

Read: JPMorgan’s Global Head of ETF Solutions Bryon Lake Exiting Firm

Goldman Sachs declined to comment on Lake’s departure. Reuters first reported the move. 

Separately, Mike Crinieri, Goldman Sachs’s global head of ETFs, has left the firm. A spokesperson confirmed his departure. Citywire first reported his move.

There are no plans to replace Crinieri, and Brendan McCarthy will continue to serve as head of ETF specialists and capital markets.

Goldman Sachs’s ETF business currently represents more than $30 billion in assets under supervision across a range of 40 active and passive strategies. It ranks as the top 17 ETF issuer, after being in the 15th spot in 2018, according to data compiled by Bloomberg. The firm launched its first ETF in September 2015. The asset manager, as a whole, represents more than $2 trillion as of March 2024.

“Goldman started out in ETFs so strong but they definitely lost their edge,” Balchunas added. “It’s like they took their foot of the gas about five years ago.”

--With assistance from Katie Greifeld and Emily Graffeo.

©2024 Bloomberg L.P.