WisdomTree has announced co-chief executives for Europe Hector McNeil and Nik Bienkowski will depart as it moves to buyout the remaining 25 per cent stake of its Europe business it does not already own.
McNeil and Bienkowski will depart for “new entrepreneurial activities”, the company said in a statement and will be replaced by David Abner, who is currently head of capital markets at the ETP and ETF specialist.
In the period since 2014, WisdomTree’s European platform has grown from an initial base of $50m (£34.77m) to $940m in assets under management today.
“Over the course of just two years they assembled the team, the products and the infrastructure necessary for success in the competitive, fast-growing European ETP market,” said Jonathan Steinberg, WisdomTree president and chief executive on McNeil and Bienkowski’s departure.
Abner, who has been with WisdomTree for eight years, previously led the buildout of BNP Paribas’ ETF trading group in the US.
“David’s combination of ETF knowledge and his proven track record as a leader with strong relationships across WisdomTree’s European and US employee base make him the ideal person to spearhead our continued growth in Europe,” says Steinberg.
New York-based Abner will relocate to London in August.
WisdomTree Europe was established in April 2014, with a 75 per cent ownership stake in UK-based ETP sponsor Boost and the obligation to buy the remaining stake within four years.
WisdomTree will pay $6m or $0.04 per diluted share for the remaining stake and other expenses related to the transaction.