ETF Securities goes on sale for £1bn

Graham Tuckwell, one of the pioneers in the exchanged traded fund market, has put his company ETF Securities up for sale with a potential £1bn ($1.6bn) price tag.

Tuckwell, the founder, majority owner and chairman of ETF Securities, has mandated Goldman Sachs to run a sales process for the London- and Jersey-based group, two people close to the situation told the Financial Times. It comes as the sector has been thrown into the spotlight by a recent trading scandal at UBS. Tuckwell, the former Salomon Brothers investment banker, created the first gold ETF on the Australian Securities Exchange in April 2003 and launched the first ETF that tracked the price of oil two years later. The Australian's decision to sell the company comes as investors...