Wisdom Tree Aims to Bring ETFs to 401(k)s

WisdomTree Investments has created a business unit focused on delivering exchange traded funds (ETFs) to the 401(k) marketplace.
The effort will be led by industry veteran Al Shemtob, who has assumed the position of Director of Retirement Services, the company announced. 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, previously with Morgan Stanley Investment Management, has joined as Director of Product Development and Richard Harper, most recently a VP, Senior Portfolio Strategist at RBC Dain Rauscher and was a former ETF fixed income portfolio manager for ETF Advisors, 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.’