ETF Securities has agreed to sell its European business with exchange-traded commodity, currency and short-and-leveraged funds to WisdomTree Investments. The business being sold to WisdomTree comprises of $17.6 billion in assets under management across 307 products as well as 50 dedicated employees.
“This transaction creates a leading independent global ETP provider which is well positioned to compete in the rapidly growing European ETP market,” says Mark Weeks, the UK CEO of ETF Securities, in a press release. The companies have complementary expertise, product ranges and customer networks.
With the transaction, ETF Securities becomes WisdomTree’s largest shareholder. ETF Securities has a strong cultural fit with WisdomTree as both firms have been built from scratch by teams who have worked closely together for many years. ETF Securities anticipates to close the transaction in late Q1 2018. It is subject to regulatory approval.