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Monday, August 3, 2015

Van Eck Makes Its First ETF Acquisition

News summary by MFWire's editors

Van Eck [profile] is taking over a startup's two sole ETFs.

Today Van Eck CEO Jan van Eck unveils a deal to reorganize Yorkville ETF Advisors' two ETFs, the Yorkville High Income MLP ETF and the Yorkville High Income Infrastructure MLP ETF, as Van Eck Market Vectors ETFs. Pending approval by the ETFs' shareholders and boards, the ETFs are expected to transition in Q4.

Right Wall Capital Management advised Van Eck on the deal.

Brandon Rakszawski, product manager for Van Eck's ETF business, confirms that this is the shop's "first ETF acquisition and reorganization." He declined to comment on whether or not more ETF M&A is in Van Eck's future.

"This was a special situation. We saw an opportunity," Rakszawski tells 401kWire. "We believe that the investment strategies of these ETFs are solid and provide differentiated exposure to the MLP market."

Yorkville, also based in New York City, is technically the subadvisor to the two ETFs. ETF-in-a-box shop Exchange Traded Concepts is the funds' advisor. Rich Hogan, co-founder and managing partner of Yorkville, praises Van Eck as "highly regarded as both a seasonsed sponsor of exchange-traded products and an industry leaders in natural resources and commodities-related investing."

"We believe shareholders will be well served by Van Eck Global's insight and accessibility," Hogan states.

Hogan declined to comment on what the deal means for him or his team; the two ETFs are the only ETFs Yorkville offers. Rakszawski says bringing over any Yorkville staff to Van Eck is "currently not being contemplated." 

Edited by: Neil Anderson, Managing Editor

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