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ETF Securities appoints Head of Legal to increase their
product offering globally
19/07/07
- Total assets under management exceed $1.2bn
- 3 more market makers join ETF Securities – Banca IMI, Bear Stearns, and Societe Generale
ETF Securities Ltd (ETFS), the global pioneers in Exchange Traded Commodities
(ETCs), are continuing to expand their Legal function with the key appointment of
Feargal Dempsey as Head of Legal.
This appointment is a direct response to the growth in investor demand following
ETF Securities' recent listings of a platform of 36 ETC’s products on the London
Stock Exchange, Deutsche Bourse, Euronext Amsterdam, Paris and Borsa
Italiana. Total assets under management as of July 2007 were US$1,231.8 m
million.
In addition to further growing the legal team Feargal will focus on expanding the
product offering and developing the necessary supporting framework.
Feargal has been involved in the financial services industry for 11 years with a
particular focus on investment funds for the past seven. Most recently he worked
with Barclays Global Investors where he was Head of Product Design – iShares.
His remit included identifying and driving forward product opportunities across
Europe and supporting the strategic agenda of iShares Europe. Prior to Barclays
he was a Senior Vice President in the legal department of Pioneer Investment
Management Limited, Head of Legal and Compliance at ITG Europe Limited and
Legal Adviser to the Eagle Star Life Assurance group companies in Ireland.
Feargal was admitted as a solicitor in Ireland in 1996 and is also a UK and Wales
qualified solicitor.
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, JP Morgan, Banca IMI, Bear Stearns and Societe Generale 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 expansion of the Legal Team, Graham
Tuckwell, Chairman of ETF Securities, said:
"Due to the rapid growth of our European business we have been recruiting
heavily in the areas of sales, marketing and product development. The expansion
of the legal team is key to this. Feargal’s appointment will add further depth to
that area. His extensive experience of the European regulatory framework for
investment funds and contribution to the team will be invaluable."
For further information please contact:
Roman Townsend / John Kelly +44 (0) 20 7786 4875 / 4821
Penrose Financial
- 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
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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