WisdomTree launched 20 new exchange traded funds in June and now specialist firm La Branche has reclaimed $100 million of its investment in the ETF company, reports the Wall Street Journal. LaBranche has been the handling specialist for nine of the ETFs, but WisdomTree announced plans to switch to Spear Leeds & Kellogg and Susquehanna International Group as specialists.
No reason was given for the switch and a move like this is unusual. Suspected reasons include volumes were lower than expected or worries of liquidity and if LaBranche was offering the best price.
Because of the switch, it made sense to La Branche to pull the money out.
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