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Rating:ETF Securities Hires Product Designer Away From BGI Not Rated 3.0 Email Routing List Email & Route  Print Print
Wednesday, July 25, 2007

ETF Securities Hires Product Designer Away From BGI

News summary by MFWire's editors

London-based ETF Securities has nabbed the head of product design from Barclays Global Investor's iShares Europe. Feargal Dempsey has been named head of legal at ETF Securities. Feargal will focus on expanding the product offering and developing the necessary supporting framework for ETF Securities.

ETF Securities Ltd (ETFS), the global pioneers in Exchange Traded Commodities (ETCs), are continuing to expand their Legal function with the key appointment of Feargal Dempsey as Head of Legal.

This appointment is a direct response to the growth in investor demand following ETF Securities' recent listings of a platform of 36 ETC's products on the London Stock Exchange, Deutsche Bourse, Euronext Amsterdam, Paris and Borsa Italiana. Total assets under management as of July 2007 were US$1,231.8 m million.

In addition to further growing the legal team Feargal will focus on expanding the product offering and developing the necessary supporting framework.

Feargal has been involved in the financial services industry for 11 years with a particular focus on investment funds for the past seven. Most recently he worked with Barclays Global Investors where he was Head of Product Design - iShares. His remit included identifying and driving forward product opportunities across Europe and supporting the strategic agenda of iShares Europe. Prior to Barclays he was a Senior Vice President in the legal department of Pioneer Investment Management Limited, Head of Legal and Compliance at ITG Europe Limited and Legal Adviser to the Eagle Star Life Assurance group companies in Ireland.

Feargal was admitted as a solicitor in Ireland in 1996 and is also a UK and Wales qualified solicitor.

ETCs are relatively new investment tools which enable investors to gain exposure to commodity prices without trading futures or taking physical delivery. The ETCs are designed to offer investors a simple, cost-efficient and secure way to access the precious metals market. They provide investors with a return equivalent to movements in their spot price less a small management fee which accrues daily.

Similar to Exchange Traded Funds, ETCs are open-ended securities which can be created or redeemed on demand provided that the relevant amount of metal is delivered to the Custodian by Authorised Participants or market makers. Which currently include Flow Traders, Nyenburgh, Susquehanna, Morgan Stanley & Co, Barclays Capital, UBS, ABN Amro, HVB, HSBC, Merrill Lynch, Citigroup, Winterflood, JP Morgan, Banca IMI, Bear Stearns and Societe Generale Investors can buy and sell the new ETCs through regulated brokers or approved market makers. ETCs can be traded with all the same order types available to equities, including market, limit and stop orders. They can also be shorted through stock borrowing or CFDs.

Commenting on the continued expansion of the Legal Team, Graham Tuckwell, Chairman of ETF Securities, said:

"Due to the rapid growth of our European business we have been recruiting heavily in the areas of sales, marketing and product development. The expansion of the legal team is key to this. Feargal's appointment will add further depth to that area. His extensive experience of the European regulatory framework for investment funds and contribution to the team will be invaluable."  

Edited by: Erin Kello

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