MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Friday, October 28, 2011 Asset Growth Goes Negative at WisdomTree One of the innovative growth stories of the mutual fund industry is WisdomTree [profile]. Yet, the third quarter market downdraft put that growth into reverse. WisdomTree CEO Jonathan Steinberg disclosed Friday that the Manhattan mutual fund firm saw its AUM slip $1.7 billion to $11.2 billion from $12.9 billion at the end of June. Steinberg's focus, however, was on WisdomTree's 4.1 percent share of ETF flows during the past quarter. That was up from a 2.6 percent share of the ETF net flows industry wide during the same period in 2010. For a stock sold as a growth play -- and priced as such -- growing market share is a key variable. Yet, the inflows of $179 million during the quarter could not overcome $1.9 billion of market losses in the portfolios managed at WisdomTree. Total inflows into the mutual fund firm's ETFs were $3.1 billion, showing that the churn in the products remains high. WisdomTree also showed a positive bottom line. It earned $2.2 million in the third quarter, a strong turnaround from a $7 million loss reported a year ago. Printed from: MFWire.com/story.asp?s=38186 Copyright 2011, InvestmentWires, Inc. All Rights Reserved |