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ETF Securities Obtains US$10 Million Equity Funding from FTVentures
30/01/07
Backed by leading global financial institutions, private equity firm leads first institutional investment, bringing access to its extensive financial network and experience with ETFs
Tuesday, January 30, 2007 - ETF Securities Limited, the pioneer in developing Exchange Traded Commodities (ETCs), today announced that it had obtained a $10 million equity commitment from FTVentures, a private equity firm with 37 of the world's leading financial institutions as its limited partners. FTVentures provides growth capital to companies that provide meaningful solutions to the financial services industry. FTVentures is the first institutional investor in the company and the only party to hold shares outside of management. The financing accelerates ETF Securities' ability to quickly expand its unique series of products, its distribution channels and its management team. Following the recent listings of ETCs on the London Stock Exchange, Deutsche Börse, and Euronext Amsterdam, total assets under management have increased by 100% since the end of September 2006 to US$285 million, with its latest Commodity Securities growing rapidly to over $100 million in less than four months.
"ETF Securities' first set of products offers a highly attractive solution to investors seeking to invest in commodities - an important asset class in which they had historically been unable to access cost-effectively," said Ben Cukier, partner at FTVentures and new board member at ETF Securities. "The company has already established a brand name in Europe for its compelling product offering and is led by a seasoned and well-respected management team. The demand for ETFs and ETCs over other investment products, such as mutual funds, continues to grow exponentially. ETF Securities brings the product development and management expertise to open up other asset classes and unique investment strategies for cost-effective investing as they have already done for commodities."
"FTVentures brings a tremendous amount of experience in the asset management industry and particularly in the ETF space," said Graham Tuckwell, Chairman and CEO of ETF Securities. "They have built an impressive global network of financial services executives from the leading firms that make up their partner base; this network offers attractive distribution opportunities and we welcome the opportunity to partner with FTVentures in our expansion efforts."
For further information, please contact:
Claire Burston/Ben Larter
Penrose Financial
Tel: +44 (0) 20 7786 4886 / 4876
Email : info@etfsecurities.com
Karen Derr Gilbert
FTVentures
+1-415-229-3000 (work)
+1-925-250-9922 (mobile)
About ETF Securities
ETF Securities Limited has been a pioneer in developing Exchange Traded Commodities (ETCs) - similar to Exchange Traded Funds (ETFs), ETCs are securities which track commodity prices and trade on a stock exchange.
In September 2006, ETF Securities launched 29 ETCs, comprising of 19 individual securities and 10 index securities, on the London Stock Exchange. This prompted the London Stock Exchange (LSE) to create a new sector, Exchange Traded Commodities. This new trading platform on the LSE deals exclusively in ETCs, with the management of ETF Securities having created all 32 securities (29 new ones and 3 existing ones). These new securities are the first listed products to track a series of sub-indices representing individual commodities, along with commodity groups, that were recently added to the Dow Jones-AIG Commodity Index family.
Following a high level of investor demand, ETF Securities went on to launch similar ETCs on the Deutsche Börse in November and then the Euronext Amsterdam in December 2006.
ETFS will be holding a conference call for brokers and institutional investors at 3pm (UK time) on Thursday, February 1, 2007 with Eric Kolts from Dow Jones AIG speaking about the DJ-AIG Commodities Indices. Please email info@etfsecurities.com for dial-in details.
About FTVentures
FTVentures provides capital to growth companies to finance organic expansion, recapitalizations, build-ups and buyouts. The firm invests in software and business services companies that derive value from its unmatched Global Partner Network, which includes 37 of the world's leading financial institutions. FTVentures' Global Partner Network provides the firm with a unique vantage point into the business driven IT and operating challenges of the global enterprise. Founded in 1998, FTVentures currently has $624 million under management with offices in San Francisco and New York. FTVentures was the only institutional investor in PowerShares Capital Management LLC, a pioneer in the U.S. ETF market. PowerShares was acquired by AMVESCAP PLC in September 2006. For more information, please visit www.ftventures.com.
This advertisement does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any transferable securities to be issued by ETFS Commodity Securities Limited or any other securities, nor shall it or any part of it nor the fact of its distribution form part of or be relied on in connection with any contract or investment decision relating thereto. Any offer, invitation or solicitation shall be made solely by means of the prospectus and recipients of this advertisement who are considering a purchase of securities following distribution of the prospectus in connection therewith are reminded that any such purchase should be made solely on the basis of the information contained in such prospectus and any supplementary prospectus(es). This advertisement does not constitute any recommendation regarding the securities of ETFS Commodity Securities Limited.
The communication of this press release is not being made by, and this press release has not been approved by, an authorised person for the purposes of section 21 of the Financial Services and Markets Act 2000 (the "FSMA"). Accordingly this press release is not being distributed to, and must not be passed on to, the general public in the United Kingdom. The communication of this press release or any other document issued in connection with the offer and sale of the ETCs is only being made to and directed at those persons in the United Kingdom falling within the definition of Investment Professionals (as defined in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"), or high net worth entities, and other persons to whom it may otherwise lawfully be communicated, falling within Article 49(1) of the Order or any person to whom it may otherwise lawfully be made (all such persons together being referred to as "relevant persons"). The communication of this press release (or any other document issued in connection with the offer and sale of the ETCs) must not be acted upon or relied upon by persons who are not relevant persons. Persons distributing this press release must satisfy themselves that it is lawful to do so. All applicable provisions of the FSMA must be complied with in respect of anything done in relation to the ETCs in, from or otherwise involving the United Kingdom.
This is not an offer of securities for sale in the United States. Commodity Securities have not been and will not be registered under the USSecurities Act or any other applicable law of the United States. Commodity Securities are being offered and sold only outside the United States to non-US persons in reliance on the exemption from registration provided by Regulation S of the US Securities Act. The Issuer has not been and does not intend to become registered as an investment company under the Investment Company Act and related rules. Commodity Securities and any beneficial interest therein may not be reoffered, resold, pledged or otherwise transferred in the United States or to US persons. If the Issuer determines that any Security Holder is a Prohibited US Person (being a US Person who is not a "qualified purchaser" as defined in the Investment Company Act), the Issuer may redeem the Commodity Securities held by that Security Holder in accordance with the provisions described in the Prospectus. Commodity Securities may not be purchased with plan assets of any "employee benefit plan" within the meaning of section 3(3) of the United States Employee Retirement Income Security Act of 1974, as amended ("ERISA"), any "plan" described in section 4975(e)(1) of the United States Internal Revenue Code of 1986, as amended (the "Code") or any entity whose underlying assets include "plan assets" of any of the foregoing by reason of an employee benefit plan's or other plan's investment in such entity, which employee benefit plan, plan or entity is subject to Title I of ERISA or section 4975 of the Code or any United States Federal, state, or local law or non-United States law that is substantially similar to the prohibited transaction provisions of section 406 of ERISA or section 4975 of the Code (any such employee benefit plan, plan or entity, a "Prohibited Benefit Plan Investor"). If the Issuer determines that any Security Holder is a Prohibited Benefit Plan Investor, the Issuer may redeem the Commodity Securities held by that Security Holder in accordance with the provisions described in the Prospectus."
"Dow Jones," "AIG®" "Dow Jones-AIG Commodity IndexSM," and DJ-AIGCISM" are service marks of Dow Jones & Company, Inc. and American International Group, Inc. ("American International Group"), as the case may be, and will be licensed for use for certain purposes by ETF Securities Ltd. ETCs based on the DJ-AIGCISM or related sub-indices (including single commodity sub-indices) are not sponsored, endorsed, sold or promoted by Dow Jones, AIG Financial Products Corp. ("AIG-FP"), American International Group, or any of their respective subsidiaries or affiliates, and none of Dow Jones, AIG-FP, American International Group, or any of their respective subsidiaries or affiliates, makes any representation regarding the advisability of investing in such product(s).
To obtain a copy of the prospectus please visit the website at www.etfsecurities.com
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