NEWS: WisdomTree Investments Inc.'s third-quarter net income more than tripled and its results topped Wall Street's expectations.
The exchange-traded fund company also announced a plan to cut costs. The stock surged to an all-time high Friday.
DETAILS: WisdomTree said during a conference call that starting in 2014's second quarter, it plans to have State Street provide fund accounting, administration and custody services. The change is expected to save about $1.5 million a quarter, Chief Financial Officer Amit Muni said during the call.
Exchange-traded fund assets under management rose 87 percent to $31.4 billion. Exchange-traded fund net inflows — or the amount of new money that the company brought in — rose 12 percent to $1.2 billion.
NUMBERS: For the three months ended Sept. 30, WisdomTree earned $15 million, or 11 cents per share. That compares with $4.5 million, or 3 cents per share, in the same months a year earlier. Analysts expected earnings of 9 cents per share, according to a FactSet survey.
Revenue climbed 83 percent to $39.6 million as clients invested more money with the company and markets rose. Wall Street predicted revenue of $39.2 million.
STOCK: The shares rose 66 cents, or 5 percent, to $13.90 in afternoon trading. The stock touched an all-time high of $15.25 earlier Friday.
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