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on Monday said it is buying parts of ETF Securities, the latest sign of fund providers scrambling to increase their market share at a time when investors are overwhelmingly favoring a few major players.In a news release, Wisdom Tree said it would be buying the European exchange-traded commodity, currency and short-and-leveraged business of ETF Securities, products it said had about .6 billion in assets under management.

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Vanguard and State Street Global Advisors make up the other two of the “big three” sponsors, with 19.17% and 13.58% of the market, respectively.Investors overwhelmingly favor the big three, which dominate in the kind of core portfolio products that have been increasingly adopted for years.Such products offer broad exposure to the equity and fixed-income universes, and do so for rock-bottom fees.Fund fees have gotten so low that there is little room for smaller providers to undercut the big players on cost, especially as investors increasingly focus on secondary factors like liquidity in making their investment decisions.In this environment, sponsors look to improve their market share through consolidation—in September, Invesco Ltd.

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