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WisdomTree enters commodity ETF space through Greenhaven acquisition


WisdomTree Investments is to enter the US commodities ETF space through the acquisition of  GreenHaven Commodity Services, the managing owner of the GreenHaven Continuous Commodity Index Fund (NYSE Arca: GCC), and GreenHaven Coal Services, the sponsor of the GreenHaven Coal Fund (NYSE Arca: TONS).

The transaction is subject to approval by the GreenHaven Continuous Commodity Index Fund shareholders and customary closing conditions, and is expected to close in the fourth quarter of 2015.

WisdomTree CEO and President Jonathan Steinberg, says: “WisdomTree’s planned acquisition of these unique commodity funds emphasises our continued commitment to providing differentiated solutions in response to developments in the market and investor preferences.”

WisdomTree will retain GreenHaven Advisors, LLC as the sub-advisor to the funds to conduct portfolio management services. The transaction consideration is USD11.75 million in cash. GCC has USD247 million in assets under management and TONS has USD1 million in assets under management, as of October 28, 2015. The financial impact of the transaction is not material to WisdomTree earnings per share.

“We're excited about working with WisdomTree because of its leadership position in the ETF space and outstanding track record of growth,” says GreenHaven Group President Ashmead Pringle.

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