Old Mutual GlobalShares to Shutter Next Week
Old Mutual Global Index Trackers last Friday (9/24/10) announced (press release) plans to close all five of its U.S. listed ETFs. The last day of trading will be Tuesday, October 5, 2010. I advise all shareholders to sell prior to the delisting and to use a limit order. I have repeatedly questioned the ability of GlobalShares to succeed in the U.S. marketplace. In my April article “Three New ETF Clones from Old Mutual GlobalShares” I boiled it down to: “Old Mutual’s ETF strategy is unclear. Launching funds that are essentially clones of ETFs from proven sponsors that enjoy lower expense ratios and better brand recognition sounds like a recipe for disaster.” . . . → Full Story: Old Mutual GlobalShares to Shutter Next Week
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