WisdomTree Europe has made eight employees redundant as the group prepares to complete its acquisition of ETF Securities, which has also lost 11 members of staff.
The redundancies have been made to reflect the new strategic direction of the business, after WisdomTree Investments announced the purchase of ETF Securities' European exchange-traded commodity, currency and short-and-leveraged business for $611m in November, with the deal expected to complete by the end of Q1 2018, subject to regulatory approval.
Townsend Lansing, head of exchange-traded commodities at ETF Securities, is among the staff to have left and has gone on gardening leave.
From WisdomTree Europe, UK sales director Robert Dickson and European ETF strategist Nizam Hamid have left the firm.
WisdomTree said no more redundancies were expected.
David Abner, currently executive vice president, head of WisdomTree Europe, will be head of Europe for the integrated business, while ETF Securities CEO Mark Weeks will remain with the firm in an advisory role until the end of 2018.
WisdomTree said in a statement: "The structure of the teams has changed to ensure efficiency across the integrated business.
"WisdomTree and ETF Securities are working to ensure that integration is seamless and expect no change to the current high standards of service and operations experienced by our customers and partners."
It was also announced last November that ETF Securities' platform Canvas would be sold to Legal and General Investment Management (LGIM), in a deal also expected to complete in Q1 subject to regulatory approval.
Ten staff will move to LGIM following the completion of the deal, meaning 59 London-based employees will remain at ETF Securities out of a total of 80.
ETF Securities said in a statement: "ETF Securities is currently in a transition phase. The structure of the team has changed to reflect this new strategic direction and to ensure efficiency across the business."
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