WisdomTree accused of 'desperate smears' by largest shareholder as conflict escalates

ETFS Capital

ETFS Capital, the largest shareholder of WisdomTree, has accused the firm of “desperate smears” against it after WisdomTree made allegations against ETFS Capital’s board nominees.

In a letter yesterday (15 May), the activist investor firm continued its conflict with WisdomTree over the performance of the firm, which reached a boiling point last month after it attempted to topple WisdomTree's CEO and chair. ETFS Capital, which holds a combined 18.3% of WisdomTree's outstanding common stock on an as-converted basis, accused the firm of having a "track record of value destruction", arguing that since WisdomTree bought ETFS Capital's ETC business in 2017, it has "watched over the destruction" of $1bn of stockholder value. WisdomTree and ETFS Capital continue conf...