<SEC-DOCUMENT>0001193125-15-010684.txt : 20150331
<SEC-HEADER>0001193125-15-010684.hdr.sgml : 20150331
<ACCEPTANCE-DATETIME>20150114163229
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-15-010684
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20150114

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WisdomTree Investments, Inc.
		CENTRAL INDEX KEY:			0000880631
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
		IRS NUMBER:				133487784
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		245 PARK AVENUE
		STREET 2:		35TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10167
		BUSINESS PHONE:		212-801-2080

	MAIL ADDRESS:	
		STREET 1:		245 PARK AVENUE
		STREET 2:		35TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10167

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INDEX DEVELOPMENT PARTNERS INC
		DATE OF NAME CHANGE:	20020812

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FINANCIAL DATA SYSTEMS
		DATE OF NAME CHANGE:	19951120

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INDIVIDUAL INVESTOR GROUP INC
		DATE OF NAME CHANGE:	19951120
</SEC-HEADER>
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<TYPE>CORRESP
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<HTML><HEAD>
<TITLE>SEC Comment Letter</TITLE>
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<IMG SRC="g852043g38a55.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">January&nbsp;14, 2015 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ms.&nbsp;Suzanne Hayes </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Assistant Director </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporate Finance
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, NE </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"><B>WisdomTree Investments, Inc. </B></TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Form 10-K for fiscal year ended December&nbsp;31, 2013
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Filed March&nbsp;3, 2014 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>File No.&nbsp;1-10932 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear
Ms.&nbsp;Hayes: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This letter is submitted on behalf of WisdomTree Investments, Inc. (the &#147;Company&#148;) in response to the comments
of the staff of the Division of Corporate Finance of the Securities and Exchange Commission (the &#147;Commission&#148;) with respect to the Company&#146;s Form 10-K for the fiscal year ended December&nbsp;31, 2013 as set forth in your letter dated
December&nbsp;30, 2014 addressed to Jonathan Steinberg, Chief Executive Officer and President of the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For reference purposes, the
text of the comment letter had been reproduced herein with the Company&#146;s response below each numbered comments. For your convenience, we have italicized the reproduced staff comments from the comment letter. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Form 10-K for Fiscal Year Ended December&nbsp;31, 2013 </U></I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Item&nbsp;1. Business, page 3 </U></I></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>1.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>We note your statement on page five that you believe ETFs have been one of the most disruptive investment products to emerge in the last two decades in the asset management industry. Please explain what makes them
disruptive, how this risk impacts you and how you manage this risk. </I></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>RESPONSE</B>: By describing ETFs as one of the
most disruptive investment products to emerge over the last two decades, we are referring to the fact that ETFs are one of the fastest growing sectors of the asset management industry over this time period and our subsequent belief that this growth
has come at the expense of the traditional mutual fund structure. The following data provided in the first paragraph on page 7 of the Company&#146;s Form 10-K substantiates this claim of significant ETF growth and market share gains from mutual
funds. The Company is supplementally delivering to the Staff the source material from the Investment Company Institute that the Company used to support these disclosures. Such materials are in the public domain and therefore are not required to be
filed as an expert report: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">ETFs are one of the fastest growing sectors of the asset management industry, having expanded from $66 billion
in AUM at the beginning of 2000 to $1.7 trillion in AUM at the end of 2013. According to the Investment Company Institute, since 2007 ETFs have generated approximately 51% of the total inflows into ETFs and long-term mutual funds. However, during
that time ETFs generated positive inflows into equity funds of approximately $821 billion and long-term equity mutual funds experienced outflows of approximately $298 billion. We believe this trend is due to the inherent benefits of ETFs, that is:
transparency, liquidity and tax efficiency. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ms. Suzanne Hayes </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">January 14, 2015 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 2
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The structural differences of ETFs relative to mutual funds are described in detail on page 6
of the Company&#146;s Form <FONT STYLE="white-space:nowrap">10-K.</FONT> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Concerning the Staff&#146;s request to explain the impact of this
disruption to the Company and the Company&#146;s plans to manage it, we seek to clarify that we view the disruption as an adverse development and long-term business risk for the traditional mutual fund structure, but as a positive development for
the newer ETF structure. Accordingly, rather than a risk, we believe the Company is positively positioned to benefit from the growth of ETFs at the expense of mutual funds because we are solely focused on the ETF structure. As such, the Company
respectfully submits that no additional disclosure is required. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Exhibits </U></I></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>2.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>Please provide your analysis supporting your determination that the following agreements are not material contracts that you should file pursuant to Item&nbsp;601(b)(10) of Regulation S-K: </I></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><I>&#149;</I></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>State Street Bank and Trust Company agreement related to custody services, fund accounting, administration transfer agency and securities lending services; and </I></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><I>&#149;</I></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>BNY Mellon and Western Asset Management agreements related to portfolio management services. </I></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Alternatively, file the agreements as exhibits. </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>RESPONSE</B>: We respectfully advise the Staff that our agreements with State Street Bank and Trust Company, BNY Mellon and Western Asset
Management have not been filed as &#147;material contracts&#148; under Item&nbsp;601(b)(10) of Regulation S-K as they are considered contracts made in the ordinary course of business. While we depend on these third party vendors to provide us with
services that are critical to operating our business, the services provided are not unique in character and can be performed by other third parties. For example, BNY Mellon previously provided the WisdomTree Trust with custody services, fund
accounting, administration, transfer agency and securities lending services. Commencing in April 2014, State Street began providing these same services to us. We selected State Street from a group of vendors that submitted bids, demonstrating the
availability of these services from several third parties. Similarly, the services provided pursuant to the sub-advisor agreements with BNY Mellon and Western Asset Management can be performed by numerous other registered investment advisers who are
qualified to provide these services. Over the years, we have entered into agreements with additional sub-advisers and transferred management of certain funds from one adviser to another. The sub-advisor agreements also are terminable by any fund on
60 days&#146; prior notice and by the adviser on 120 days&#146; prior notice, further demonstrating their ordinary course nature. Accordingly, the filing of these agreements and the corresponding disclosure of their respective provisions would not
enhance an investor&#146;s knowledge of our business in any meaningful way. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">We also note that in connection with our Form 10 filing in
March 2011, the Staff inquired as to whether our sub-advisor agreements were material agreements required to be filed as exhibits under Item&nbsp;601(b)(10) of Regulation S-K. We similarly advised the Staff that the agreements were contracts made in
the ordinary course of business and the services provided were not unique in character and could be performed by other third parties. The Staff agreed with our response and posed no further comments. Based on the foregoing, we respectfully submit
that the State Street, BNY Mellon and Western Asset Management agreements are not material contracts under Item&nbsp;601(b)(10) of Regulation S-K and need not be filed as exhibits. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ms. Suzanne Hayes </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">January 14, 2015 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 3
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Definitive Proxy Statement on Schedule 14A </U></I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Executive Compensation, page 22 </U></I></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>3.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>We note your disclosure on page 24 that you intended to enter into new employment agreements with all of your executive officers prior to your Annual Meeting which was held on June&nbsp;27, 2014. Please indicate if
you have entered into new agreements, and if so please make the appropriate filings. Please see Item&nbsp;5.02(e) to Form 8-K and Item&nbsp;601(b)(10) of Regulation S-K. </I></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>RESPONSE</B>: In response to the Staff&#146;s comment, please be advised that the Company has not entered into new employment agreements
with any of its executive officers. If and when the Company enters into such agreements, the Company will make the appropriate filings in accordance with Item&nbsp;5.02(e) to Form 8-K and Item&nbsp;601(b)(10) of Regulation S-K. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company hereby acknowledges that: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the Company is responsible for the adequacy and accuracy of the disclosure in the filing; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filing; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the Company may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you have any questions or further comments regarding the Company&#146;s filings of this response letter, please contact the undersigned at
(917)&nbsp;267-3747. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sincerely, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>/s/ Peter M.
Ziemba</I> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Peter M. Ziemba </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Executive Vice
President-Business and Legal Affairs, Chief Legal Officer </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>WisdomTree Investments, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">245 Park Avenue, 35<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Floor, New York, NY 10167 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Direct Telephone 917-267-3747 Direct Facsimile 917-267-3848 E-Mail: pziemba@wisdomtree.com </P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
