ETF Securities has made 11 employees redundant ahead of its acquisition by WisdomTree in order to reflect the new strategic direction of the business, but chief executive Mark Weeks remains with the group.
The move comes after WisdomTree Investments announced the purchase of ETF Securities' European exchange-traded commodity, currency and short-and-leveraged business for $611m in November, with the deal expected to complete by the end of Q1 2018, subject to regulatory approval. It was also announced last November that ETF Securities' platform Canvas would be sold to Legal and General Investment Management (LGIM), in a deal also expected to complete in Q1 subject to regulatory approval. ETF Securities said no more redundancies are expected, meaning CEO Mark Weeks remains at the group. ...
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