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 |
|
Tuesday, May 1, 2012 Newspapers' Woes Are in Funds' Future, Says Steinberg The dream is alive among WisdomTree [profile] shareholders. Yesterday investors in shares of the New York-based ETF-specialist sent its share price up six percent to $8.55 per share. ETF Trends reports that the rally came after CEO Jonathan Steinberg pointed to record inflows into WisdomTree products during the first quarter. "WisdomTree achieved the best quarter of net inflows in its history, taking in $2.3 billion, or 4.4 percent of the overall industry's market share, and recorded 32 percent growth in revenues year-over-year," said Steinberg in the earnings release Friday. "This strong growth in net inflows was focused in our equity family and is even more impressive within the backdrop of $10 billion in outflows from traditional long-term equity mutual funds during the quarter," the CEO added. "It is important to remember that while the ETF industry represents 10 percent of the total long-term assets in the U.S., it has taken in 50 percent of the net new inflows over the last five years," Steinberg continued. Steinberg likened what ETFs are doing to mutual funds to what the Internet is doing to the newspaper industry. Printed from: MFWire.com/story.asp?s=39881 Copyright 2012, InvestmentWires, Inc. All Rights Reserved |