WisdomTree Investments, an asset manager headquartered in New York, has agreed to acquire European operations of ETF Securities excluding the ETF platform.
The deal, whose financial terms were not undisclosed, will lead to acquisition of ETF’s European exchange-traded commodity, currency and short-and-leveraged business acquired by WisdomTree.
The transaction adds $17.6bn assets under management and 50 dedicated staff to WisdomTree’s existing portfolio.
Commenting on the deal, ETF Securities UK CEO Mark Weeks said: “This transaction creates a leading independent global ETP provider which is well positioned to compete in the rapidly growing European ETP market. We have complementary expertise, product ranges and customer networks.
“We both continue to challenge the status quo to provide customers with a range of differentiated products. In this industry, customers want and value firms like ours providing broader choice.”
Both companies will work together to oversee seamless integration during this transition period, ETF said in a statement.
The deal is expected to complete by the end of first quarter of 2018, subject to regulatory approval.