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WisdomTree Investments reported a net loss of $0.3 million for Q3 2020, a significant improvement from a loss of $13.3 million in Q2 2020. The company's operating revenues rose by 11.2% to $64.6 million, driven by higher average AUM, now at $60.7 billion—up 5.3% quarter-over-quarter. Despite $468 million in net outflows, the average global advisory fee saw a slight increase. The company declared a $0.03 quarterly dividend, payable on November 25, 2020. CEO Jonathan Steinberg expressed optimism for future growth, attributed to operational strengths and a 'remote first' strategy.
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WisdomTree Investments (NASDAQ: WETF) has announced a collaboration with 55ip to enhance portfolio transitions and management through automated tax technology. This partnership will allow financial advisors to transition clients into diversified WisdomTree model portfolios more efficiently. The integration aims to streamline the process, improve efficiency, and offer better client outcomes by combining WisdomTree's model portfolios with 55ip's tax-smart investment tools. The solution is expected to be available by the end of 2020.
WisdomTree Investments (NASDAQ: WETF) will release its third-quarter results on October 30, 2020, at 7:00 a.m. ET. A conference call is scheduled for 9:00 a.m. ET to discuss the results. The call will be accessible via webcast on the Investor Relations section of WisdomTree's website. WisdomTree currently manages approximately $63.1 billion in assets globally, offering a variety of ETFs and ETPs.
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WisdomTree (NASDAQ: WETF) announced a 2-for-1 forward share split for its WisdomTree China ex-State-Owned Enterprises Fund (CXSE), effective for shareholders of record on October 14, 2020. This split will not alter the total investment value for shareholders. Post-split trading will commence on October 19, 2020, with the share price adjusted accordingly. The split is intended to improve liquidity and reduce bid/ask spreads, making the fund more accessible for investors. WisdomTree manages approximately $62.4 billion in assets globally.
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WisdomTree has announced a change to the underlying index for its WTI Crude Oil ETC (CRUD) as of August 4, 2020, following a vote by security holders. The new Bloomberg WTI Crude Oil Multi-Tenor Excess Return Index aims to enhance resilience to extreme market conditions by diversifying risk across three WTI futures contracts, rebalanced monthly. This move responds to unprecedented market volatility, including negative prices in WTI contracts, offering better liquidity and reducing concentration risk. WisdomTree holds a 70% market share in European energy ETCs with $2.4 billion in assets under management.