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WisdomTree cites market volatility for third-quarter challenges
By Aleesia Forni
Columbus, Ohio, Oct. 28 - WisdomTree Investments, Inc.'s chief executive officer, Jonathan Steinberg, said "market volatility and a global sell-off of assets made the third quarter a challenging one."
"Equity markets were sharply lower in the third quarter as compared to the second quarter, with international equities and especially emerging markets leading the markets down," Steinberg said during the company's conference call to announce its third-quarter earnings.
Steinberg continued that approximately 54% of WisdomTree's assets are invested in emerging markets space, and 77% of its assets are invested outside of the United States.
At Sept. 30, the company had ETF assets under management of $11.2 billion.
The company saw its assets decline $1.8 billion from the end of the second quarter due to "negative market movement."
WisdomTree reported net income of $1.4 million for the third quarter, compared to a net loss of $1.5 million for the same period last year.
WisdomTree is a New York-based exchange traded fund sponsor and asset manager.
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