"We are delighted to become partners with Albert Hallac and Weston Capital," said Greg Webster, CEO of Fund.com. "They have the institutional relationships and knowledge that perfectly complement our prior investments in the exchange-traded fund platform."
The investment in Weston is expected to enhance the growth of Fund.com’s exchange traded fund subsidiary, AdvisorShares, the originator of what is presently the largest actively managed exchange traded fund, the DENT Tactical ETF. Following completion of the transaction, Fund.com and Weston intend to develop a series of Weston-branded exchange traded funds.
Joseph J. Bianco, Chairman of Fund.com, said, "We believe that AdvisorShares and Weston are highly complementary businesses because Weston will gain a larger target market through the distribution of exchange-traded products, while AdvisorShares will benefit from the fund distribution experience of Weston, which we anticipate will increase its ETFs assets under management.
Upon completion of Fund.com's investment in Weston Capital, Hallac will continue to head Weston Capital, control business operations and strategic direction while Bianco will join as Chairman of Weston Capital.
"It is a very exciting time for Weston as we expand our resources and leverage our expertise in close concert with our new partners," said Hallac. "AdvisorShares exchange-traded fund platform places us in the center of the world's fastest growing asset management category, which is exchange traded funds, or ETFs."
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