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ETF Securities continues European expansion with German
appointment to meet strong investor demand
18/06/07
- Recent listing of precious metals ETCs on Deutsche Börse popular
- Total assets under management exceed $950m
ETF Securities Ltd (ETFS), the global pioneers in Exchange Traded Commodities
(ETCs), are continuing to expand their European sales team with the appointment
of Michael Geister with responsibility for German and Austrian sales.
This appointment is a direct response to growing investor demand in the German
speaking market following ETF Securities’ successful listings of a platform of ETC
products on the Deutsche Börse in November 2006 – and the recent launch of a
range of physically-backed precious metal ETCs on the Deutsche Börse in May
this year. Michael will work alongside Tim Harvey, ETF Securities current
dedicated German securities specialist appointed earlier this year as a part of the
company’s commitment to the market.
Currently Germany is the largest ETF market in Europe and alone accounts for
around 50% of market share. Since listing their ETCs on the Deutsche Börse last
November ETF Securities has seen the value of investments rise steadily.
Michael has been involved in the securities industry for the last four years, having
worked within Societe Generale Corporate & Investment Banking in Paris, London
and Frankfurt. His focus will be to look after online brokers and banks as he
brings an in-depth knowledge of how to access and trade the global equity
markets, along with an extensive knowledge of the German speaking markets.
Michael holds a degree in Business Administration from the University of Wismar.
This new appointment is part of the ongoing expansion of the ETF Securities
team, following the recent addition of William Rhind, Head of UK and Irish Sales,
and three sales appointments in March which saw the arrival of Peter Saunders,
Massimo Siano and Helen Burden.
ETCs are relatively new investment tools which enable investors to gain exposure
to commodity prices without trading futures or taking physical delivery. The ETCs
are designed to offer investors a simple, cost-efficient and secure way to access
the precious metals market. They provide investors with a return equivalent to
movements in their spot price less a small management fee which accrues daily.
Similar to Exchange Traded Funds, ETCs are open-ended securities which can be
created or redeemed on demand provided that the relevant amount of metal is
delivered to the Custodian by Authorised Participants or market makers. Which
currently include Flow Traders, Nyenburgh, Susquehanna, Morgan Stanley & Co,
Barclays Capital, UBS, ABN Amro, HVB, HSBC, Merrill Lynch, Citigroup,
Winterflood and JP Morgan. Investors can buy and sell the new ETCs through
regulated brokers or approved market makers. ETCs can be traded with all the
same order types available to equities, including market, limit and stop orders.
They can also be shorted through stock borrowing or CFDs.
Commenting on the continued European expansion, Graham Tuckwell,
Chairman of ETF Securities, said:
"Following our listings of ETCs on the Deutsche Börse in November 2006, and
recently the range of physically-backed precious metals, we have seen a
significant amount of money invested into these products in Germany. The next
logical step was clearly to appoint a sales specialist for the German speaking
market and we look forward to Michael continuing that success."
For further information please contact:
Roman Townsend / John Kelly
Penrose Financial
Tel: +44 (0) 20 7786 4875 / 4821
- Notes to editors -
The management of ETF Securities Limited pioneered the development of
Exchange Traded Commodities (ETCs), with the world’s first listing of an ETC,
Gold Bullion Securities in Australia and London in 2003 and then the world’s first
entire ETC platform which was listed on the London Stock Exchange in September
2006. Since then, ETF Securities has listed its entire range of ETCs on Europe’s
major exchanges (Frankfurt, Paris, Amsterdam and Italy) with each exchange
creating a separate ETC segment.
To learn more about ETF Securities go to: www.etfsecurities.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
Metal 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 Metal
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. Metal Securities have not been and will
not be registered under the US Securities Act or any other applicable law of the United States. Metal
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 or in transactions
exempt from the registration requirements of the 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. 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 Metal Securities held by that Security Holder in accordance with the provisions described
in the Prospectus. Metal 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 Metal Securities held by that Security Holder in accordance with the provisions
described in the Prospectus."
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