WisdomTree Posts First Profit

May 2 2011 | 12:00pm ET

WisdomTree Investments, the exchange-traded fund house founded by hedge fund legend Michael Steinhardt, posted a small profit in the first quarter, its first in five years of business.

The New York-based firm earned $200,000 between January and March, compared to a $600,000 loss in the fourth quarter. Revenue soared nearly 70% to $14.5 million year-on-year, and assets under management in ETFs grew at about the same clip to $11.3 billion.

WisdomTree, which currently trades as a pink-sheet stock, hopes to list on either the New York Stock Exchange or NASDAQ by the early third quarter. Its shares have risen more than 150% over the past 12 months.

WisdomTree launched its first hedge fund ETFs in 2009 and earlier this year launched the first-ever managed futures ETF.

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