ETF Securities Obtains US$10 Million Equity Funding from FTVentures
Backed by leading global financial institutions, private equity firm leads first institutional investment, bringing access to its extensive financial network and experience with ETFs
Tuesday, January 30, 2007
ETF Securities Limited, the pioneer in developing Exchange Traded Commodities (ETCs), today announced that it had obtained a $10 million equity commitment from FTVentures, a private equity firm with 37 of the world's leading financial institutions as its limited partners. FTVentures provides growth capital to companies that provide meaningful solutions to the financial services industry. FTVentures is the first institutional investor in the company and the only party to hold shares outside of management. The financing accelerates ETF Securities' ability to quickly expand its unique series of products, its distribution channels and its management team. Following the recent listings of ETCs on the London Stock Exchange, Deutsche Borse, and Euronext Amsterdam, total assets under management have increased by 100% since the end of September 2006 to US$285 million, with its latest Commodity Securities growing rapidly to over $100 million in less than four months.
"ETF Securities' has already established a brand name in Europe for its compelling product offering and is led by a seasoned and well-respected management team," said Ben Cukier, partner at FTVentures and new board member at ETF Securities. "The demand for ETFs and ETCs over other investment products, such as mutual funds, continues to grow exponentially. ETF Securities brings the product development and management expertise to open up other asset classes and unique investment strategies for cost-effective investing as they have already done for commodities."
"FTVentures brings a tremendous amount of experience in the asset management industry and particularly in the ETF space," said Graham Tuckwell, Chairman and CEO of ETF Securities. "They have built an impressive global network of financial services executives from the leading firms that make up their partner base; this network offers attractive growth opportunities and we welcome the opportunity to partner with FTVentures in our expansion efforts."
For more information about ETF Securities, please visit www.etfsecurities.com.
FTVentures provides capital to growth companies to finance organic expansion, recapitalizations, build-ups and buyouts. The firm invests in software and business services companies that derive value from its unmatched Global Partner Network, which includes 37 of the world's leading financial institutions. FTVentures' Global Partner Network provides the firm with a unique vantage point into the business driven IT and operating challenges of the global enterprise. Founded in 1998, FTVentures currently has $624 million under management with offices in San Francisco and New York. FTVentures was the only institutional investor in PowerShares Capital Management LLC, a pioneer in the U.S. ETF market. PowerShares was acquired by AMVESCAP PLC in September 2006. For more information, please visit www.ftventures.com.
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