WisdomTree Investments, Inc.NASDAQ
Sun, Nov. 20, 7:42 AM
- On Friday, WisdomTree Investments (NASDAQ:WETF) announced a $20M purchase of a 36% equity stake in digital wealth-management platform, AdvisorEngine (formerly Vanare). WisdomTree's asset-allocation models will be made available as defaults on AdvisorEngine's open architecture platform.
- There is a trend here: ETF providers are joining up with digital-advice platforms, thereby finding a shelf to distribute their products and strategies.
- Mind you, Friday's deal doesn't go as far as BlackRock's (NYSE:BLK) acquisition of FutureAdvisor last year or Invesco's (NYSE:IVZ) acquisition of Jemstep this year, Alois Pirker, research director for Aite Group's wealth-management practice notes.
Fri, Nov. 18, 10:18 AM
- The flood of money pouring into stocks since the election isn't helping mutual funds, which somehow saw $3B of outflows in the last week. Equity ETFs, meanwhile, had $27B of inflows, according to Goldman Sachs - the largest weekly amount on record.
- Equity mutual funds had outflows of $4.4B, making YTD outflows of roughly $120B.
- via Bryan Mortenson
- Interested parties: BlackRock (NYSE:BLK), WisdomTree (NASDAQ:WETF), Franklin Resource (NYSE:BEN), Legg Mason (NYSE:LM), Gamco (NYSE:GBL), Janus (NYSE:JNS), Invesco (NYSE:IVZ), T. Rowe Price (NASDAQ:TROW), AllianceBernstein (NYSE:AB), Affiliated Managers (NYSE:AMG), Federated Investors (NYSE:FII), Waddell & Reed (NYSE:WDR)
- Previously: Financial ETF sees fastest-ever inflows (Nov. 16)
Thu, Nov. 3, 12:43 PM| Thu, Nov. 3, 12:43 PM
Mon, Oct. 31, 11:56 AM
- WisdomTree (NASDAQ:WETF) on Friday added to already steep year-to-date declines after reporting an inline quarter, but a continued draw on AUM.
- While Citi's William Katz isn't so bearish as to keep the stock on his bank's Focus List, he remains a seller with a $6.50 price target, noting in particular, the current 40x earnings multiple when others like BlackRock and Invesco are generating more ETF volumes at cheaper valuations. Further, the $0.08 per share quarterly dividend is at risk, and the merger math doesn't add up.
- Shares are lower by another 3.15% today to $8.75.
Fri, Oct. 28, 7:08 AM
- Q3 net income of $8M or $0.06 per share vs. $3.7M and $0.03 in Q2, $23.3M and $0.17 one year ago.
- Pretax margin of 27.5% vs. adjusted margin of 30.6% in Q2, and margin of 49% one year ago.
- U.S.-listed ETFs AUM of $37.7B down marginally from Q2, and off 28.9% Y/Y. Net outflows of $2.4B in Q3 vs. outflows of $4.9B in Q2 and $700M a year ago.
- European-listed ETPs AUM of $1.019B up 7% Q/Q, up 46.4% Y/Y.
- Conference call at 9 ET
- Previously: WisdomTree Investments EPS in-line, beats on revenue (Oct. 28)
- WETF flat premarket
Fri, Oct. 28, 7:03 AM
Thu, Oct. 27, 5:30 PM
Thu, Oct. 13, 2:56 PM
- It's a mixed bag, but the continuing broad theme for flows is the domination of passive strategies and fixed-income.
- More than half of the managers in Katz's coverage universe saw outflows last month - WisdomTree (NASDAQ:WETF), Waddell & Reed (NYSE:WDR), and Franklin Resources (NYSE:BEN) getting hit the worst.
- Among active managers, only Affiliated Managers Group (NYSE:AMG) and AllianceBernstein (NYSE:AB) saw inflows.
Thu, Oct. 6, 8:51 AM
- In one of the highest quarterly amounts ever, investors moved $92B into ETFs in Q3, according to UBS, bringing AUM for U.S.-listed ETFs to about $2.4T.
- For the year, $150B has flowed into ETFs, putting the vehicles on track for their third straight year of inflows north of $200B. The inflows stand in major contrast to either outright net exits or minimal inflows for mutual funds.
- Still, even after doubling AUM since 2011, ETFs account for just 17% of mutual fund assets.
- Interested parties: BLK, WETF, BEN, LM, GBL, CLMS, JNS, IVZ, TROW, AB, AMG, FII, WDR, APAM, EV
Fri, Sep. 16, 8:31 AM
- Just 9.5% of actively-managed large-cap domestic equity funds beat the S&P 500 in the five year ended August 31 - the worst 5-year record since 1999, according to Morningstar. By comparison, in the five years ended 2010, nearly 50% topped the S&P.
- The lame results haven't gone unnoticed, with investors yanking $422B from roughly 3K mutual funds in the past five years, and putting that money and more into passive vehicles (ETFs).
- In the year ended June 30, 85% of large-cap stock funds, 88% of mid-cap funds, and 89% of small-cap funds failed to match their bogeys. "Pretty appalling," says S&P's Aye Soe. "Given the choppiness in the markets we would have expected the active managers to come out looking better.”
- Interested parties include BlackRock (NYSE:BLK), WisdomTree (NASDAQ:WETF), Franklin Resources (NYSE:BEN), Legg Mason (NYSE:LM), Gamco (NYSE:GBL), Janus (NYSE:JNS), Calamos (NASDAQ:CLMS), Invesco (NYSE:IVZ), T. Rowe Price (NASDAQ:TROW), AllianceBernstein (NYSE:AB), Affiliated Managers (NYSE:AMG), Federated Investors (NYSE:FII), Waddell & Reed (NYSE:WDR), Artisan Partners (NYSE:APAM)
Wed, Sep. 14, 4:17 PM
- WisdomTree's (NASDAQ:WETF) Jonathan Steinberg today purchased 100K shares of his company's stock at about $10.23 each, bringing his holdings up to nearly 7.5M shares.
- A former high-flyer, WisdomTree has lost more than half its value since the middle of 2015, and has spent most of this year bouncing along between $9 and $13 per share.
Wed, Sep. 7, 3:16 AM
- "We think the asset management industry, which was always very fragmented and highly profitable (with low capital intensity), will become much more concentrated over the next five years - especially in U.S. retail with BlackRock (NYSE:BLK) and Vanguard clear winners," Credit Suisse says in a note.
- Firm says it prefers stocks that will exceed net flow/earnings expectations and can maintain or expand valuation levels.
- Top long is AMG, which CS thinks will post much stronger flows in 3Q16, has low exposure to the DOL rule (only 16% of AuM is from U.S. retail and less in retirement), and is one of the cheapest asset managers on cash earnings.
- Also likes LM, which is mainly a valuation and improving earnings visibility play.
- Likes BLK, which is one of the few beneficiaries of the DOL rule (through iShares and Aladdin/Solutions).
- On a longer-term horizon, likes BX (high FE AuM growth + improving cash earnings) and WETF (improving net flows + LT M&A target).
- Says BEN and WDR could both see among the largest net flow impacts from the DOL rule.
Mon, Aug. 29, 4:05 PM
- Closures are a regular occurrence in the ETF industry, but not really for WisdomTree (NASDAQ:WETF), which last shuttered any of its funds back in 2010. Only 14 WisdomTree ETFs have been shut down during the firm's existence.
- The list: WisdomTree Global ex-U.S. Utilities Fund (NYSEARCA:DBU), WisdomTree Global Natural Resources Fund (NYSEARCA:GNAT), WisdomTree Commodity Currency Strategy Fund (NYSEARCA:CCX), WisdomTree Commodity Country Equity Fund (NYSEARCA:CCXE), WisdomTree Japan Interest Rate Strategy Fund (NASDAQ:JGBB), and the WisdomTree Coal Fund (NYSEARCA:TONS) - one of two ETFs acquired from Greenhaven last year.
Thu, Aug. 25, 3:02 PM
- LPL Financial (LPLA +0.3%) in December will launch its no Transaction Fee Mutual Fund initiative, with the costs to be borne by the asset managers. To date, nine providers have signed up, including AllianceBernstein (AB +0.4%), BlackRock (BLK -0.3%), Invesco (IVZ -0.2%), and Legg Mason (LM -0.5%).
- While it's an incremental negative for the asset managers thanks to higher distribution costs eating into margins, says Katz, it could pay off in stronger inflows as investors will be paying less - thus making the mutual funds closer in cost to ETFs.
- It will be interesting to see how ETF sponsors - notably WisdomTree (NASDAQ:WETF) - react as their margins potentially get squeezed, says Katz.
Fri, Jul. 29, 1:00 PM
Fri, Jul. 29, 7:02 AM