A unit of South African insurer Old Mutual will close its line of U.S. exchange traded funds (ETFs) next month.
Old Mutual’s U.S. ETFs were managed by its Old Mutual Global Index Trackers unit. The insurance company’s entire asset management business oversaw $387 billion at the end of 2009, reports MoneyWeb. [How to Get Through an ETF Liquidation.]
According to Benzinga, the provider is still going to try out other channels in the fund industry and their core is already in place. The closing ETFs are:
- GlobalShares FTSE All-World
- GlobalShares FTSE Emerging Markets
- GlobalShares FTSE All-Cap Asia Pacific ex-Japan
- GlobalShares FTSE All-World ex-US
- Global Shares FTSE Developed Countries ex-US
In other ETF news, iShares has announced some changes for one of its ETFs, the iShares Goldman Sachs Semiconductor ETF (NYSEArca: IGW).
The new index is the PHLX Semiconductor Sector Index. The PHLX Semiconductor Sector Index is managed by NASDAQ OMX Group and known as the “SOX Index.” The new ticker symbol will be SOXX and the ETF will be traded on the NASDAQ.
The changes will take effect on Oct. 15, 2010.
Tisha Guerrero contributed to this article.