WisdomTree's stock pops by more than 6% amid report it sought a sale to JPMorgan
Shares of WisdomTree Investments Inc. (WETF) on Monday soared by more than 6%, amid a report that it had explored a sale late last year to JPMorgan Chase & Co. (JPM). According to Bloomberg News (https://www.bloomberg.com/news/articles/2019-02-11/wisdomtree-is-said-to-have-explored-sale-to-jpmorgan-chase), citing people familiar with the matter, officials at WisdomTree, one of the largest managers of exchange-traded funds in the world, held talks with JPMorgan about a tie-up that ultimately ended in December without a deal materializing. The report on WisdomTree comes after a separate Bloomberg report published nearly a year ago (https://www.bloomberg.com/news/articles/2018-02-16/jpmorgan-is-said-to-weigh-buying-an-exchange-traded-funds-firm) said JPMorgan was aiming to increase its presence in the $3 trillion-plus ETF market. Shares of WisdomTree are down 4.2% so far this year, compared with a 7.5% gain for the Dow Jones Industrial Average , a 8.1% gain for the S&P 500 index and a 10.2% return for the Nasdaq Composite Index over the same period. Meanwhile, shares of JPMorgan are up 3.8% so far this year. On Monday afternoon, JPMorgan's shares were trading virtually unchanged. The Bloomberg piece indicated that WisdomTree is no longer actively pursuing a sale but could put resume sales talk if its shares rebound.
-Mark DeCambre; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
February 11, 2019 13:18 ET (18:18 GMT)
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