WisdomTree Investments (NasdaqGM: WETF) shares are getting a boost after the exchange traded fund manager posted record net inflows to its ETFs.
The New York-based company on Friday reported first-quarter net income of $1.1 million, up from $0.2 million in the year-ago quarter.
“”WisdomTree achieved the best quarter of net inflows in its history, taking in $2.3 billion, or 4.4% of the overall industry’s market share, and recorded 32% growth in revenues year-over-year,” said chief executive Jonathan Steinberg in the earnings release.
“This strong growth in net inflows was focused in our equity family and is even more impressive within the backdrop of $10 billion in outflows from traditional long-term equity mutual funds during the quarter,” the CEO added. “It is important to remember that while the ETF industry represents 10% of the total long-term assets in the U.S., it has taken in 50% of the net new inflows over the last five years.”
WisdomTree shares rallied about 6% on Friday after its quarterly update. The stock is the only “pure play” on the ETF business.