September 28, 2010 at 07:00 AM EDT
GlobalShares To Exit U.S. ETF Industry
Old Mutual Global Index Trackers (OMGxT), a South African-based asset manager, announced last week that it plans to shut down five ETFs listed in the U.S. under the GlobalShares brand, ending a brief experiment that failed to attract significant interest. Trading in the five ETFs will be suspended prior to the market opening on October 6, and shareholders of record as of October 8 will receive the net asset values of their shares. The ETFs to be closed down include: FTSE Emerging Markets Fund (GSR) FTSE All-Cap Asia Pacific ex-Japan Fund (GSZ) FTSE All-World ex-U.S. Fund (GSO) FTSE Developed Countries ex-U.S. Fund (GSD) FTSE All World Fund (GSW) “The U.S. ETF market was a new distribution channel for our well-established South African indexation business,” said OMGxT CEO Tendai Musikavanhu. “Given the structure of the U.S. ETF market and prolonged volatile market, we’ve decided that it’s unlikely our products will gain sufficient market share [...] Click here to read the original article on ETFdb.com. Related Stories: GlobalShares Launches Three New ETFs (GSZ, GSO, GSW) GlobalShares Launches Developed Markets ETF (GSD) Will Dodd’s Exit Help Or Hurt Financial ETFs?
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