Fri, 31/01/2014 - 13:21
Exchange-traded fund sponsor and asset manager WisdomTree Investments is to expand into Europe through a majority investment in UK-based exchange-traded product provider Boost.
WisdomTree will invest USD20m in working capital to fund the build-out of a local European platform and operations to be led by ETF industry veterans Hector McNeil and Nik Bienkowski.
Through this platform, WisdomTree intends to launch a select range of UCITS ETFs under the WisdomTree brand and continue to manage and grow the Boost line-up of short and leveraged fully collateralised ETPs under the Boost brand.
WisdomTree launched its first US listed ETFs in June of 2006 and is the only publicly traded asset manager exclusively focused on the ETF industry. WisdomTree’s range of 61 ETFs across equities, fixed income, currency income and alternatives asset classes has approximately USD34bn in assets under management.
“We continue to successfully execute our growth plans in the US, the world’s largest ETF market, and today’s announcement marks the latest in a series of measured steps we have taken to participate in global ETF market growth,” says WisdomTree chief executive and president Jonathan Steinberg (pictured). “We have an important marketing relationship with the Compass Group to serve Latin America and we have made some of our ETFs available for sale in Mexico and Japan. As the second largest ETP market after the US, Europe is a strategically important market and is the next natural step given our stage of development. Europe will represent our most significant international effort to date, and we are pleased to enter this market with an accomplished team.”
Prior to founding Boost, Europe’s only specialised provider of short and leveraged ETPs, in late 2011, McNeil and Bienkowski held senior leadership positions at ETF Securities.
McNeil and Bienkowski say: “WisdomTree is an ETF success story and precisely the kind of innovative and entrepreneurial company we are excited to join. We look forward to continuing to grow the Boost ETP family under WisdomTree and we are pleased to lead the platform for WisdomTree’s European ETF plans.”
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