Wisdom Tree Forms 401(k) ETF Unit

April 3, 2007 (PLANSPONSOR.com) - WisdomTree Investments has created a business unit to deliver exchange traded funds (ETFs) to the 401(k) marketplace and hired industry veteran Al Shemtob as Director of Retirement Services to lead the effort, the company announced.

According to a news release, Shemtob was President of BISYS Retirement Services and its predecessor firm for 17 years. Shemtob will be helped by two other additions to the WisdomTree executive ranks:

  • Ben Slavin has joined as Director of Product Development from Morgan Stanley Investment Management, and  
  • Richard Harper has joined as Director of Fixed Income Strategy.

“Investors and advisers have become familiar with the many benefits that ETFs offer and are now looking to utilize them in their 401(k) plans,” said Jonathan Steinberg, CEO of WisdomTree Investments, in the news release. “The 401(k) market, with over $2.4 trillion in assets, is an untapped channel for ETF growth and we believe Wisdom Tree’s ETFs are particularly well-suited for the retirement market.”