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(Updates shares in second paragraph.)
Oct. 4 (Bloomberg) -- WisdomTree Investments Inc., the New York-based firm founded by former hedge-fund manager Michael Steinhardt, had its worst three-day decline in three years, after investors pulled money from its exchange-traded funds.
WisdomTree fell 1 cent, or 0.2 percent, to $5.98 at 4 p.m. in Nasdaq stock market trading, bringing losses over the last three trading days to 25 percent, the most since September 2008. The company last week lost 5.9 percent of assets as a large institutional investor withdrew money, Stuart Bell, a WisdomTree spokesman, said yesterday in a telephone interview. Bell declined to name the investor.
The company had $11 billion in assets as of yesterday, according to the its website.
WisdomTree, started in 2005, offers equity ETFs based on proprietary indexes that weight member companies according to cash dividends or earnings. Indexes traditionally weight securities according to market capitalization. The company also offers currency, fixed-income and alternative ETFs.
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