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Thomson Reuters Lipper U.S. Mutual Funds & ETPs Q2 2018 Snapshot
July 19, 2018--In this issue of Lipper's U.S. Mutual Funds & Exchange-Traded Products Snapshot, we feature a summary of total net assets (TNA), estimated net flows, new fund creations, and fund liquidations for conventional funds and exchange-traded products (ETPs) for Q2 2018, comparing the changes to those of prior quarters and highlighting the largest individual gainers and losers of both groups.
The Snapshot provides readers a powerful, easy-to-use guide and quick-reference tool to help them discern fund trends during the quarter.
Highlights:
TNA in the conventional funds business (not including ETPs and variable insurance products [VIPs]) advanced, climbing $245.2 billion from Q1 2018 to $18.9 trillion for Q2 2018.
TNA in U.S. ETPs (including exchange-traded funds, exchange-traded notes, exchange-traded commodities, limited partnership commodity pools, master limited partnerships, and exchange-traded fund unit investment trusts) rose 2.46% from $3.449 trillion for Q1 2018 to a little over $3.534 trillion for Q2 2018.
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Source: Thomson Reuters
Canadian securities regulators highlight common deficiencies in issuers' continuous disclosure
July 19, 2018--The Canadian Securities Administrators (CSA) today published Staff Notice 51-355 Continuous Disclosure Review Program Activities for the fiscal years ended March 31, 2018 and March 31, 2017, a biennial report that summarizes CSA staff’s ongoing review of reporting issuers' (issuers) continuous disclosure and highlights common deficiencies and best practices.
"Among other issues, we continue to see deficiencies in issuers' use of non-GAAP financial measures, and this remains an area of focus for the CSA," said Louis Morisset, Chair of the CSA and Chair and CEO of the Autorité des marchés financiers. “We strongly encourage issuers to use this report as a guide to make improvements, as disclosure requirements are at the core of our investor protection regime.”
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Source: Canadian Securities Administrators
Investors Continue to Pad the Coffers of Bond Funds and ETFs in June
June 18, 2018--For the first month in three investors were net redeemers of mutual fund assets, removing $55.2 billion from the conventional funds business (excluding ETFs) for June. For the third month in four money market funds witnessed net outflows, handing back $32.9 billion for June.
Despite an interest rate hike in June, for the fourth month running the fixed income funds macro-group witnessed net inflows, taking in $10.2 billion for June. However, for the second consecutive month stock & mixed-asset funds witnessed net outflows (-$32.5 billion, their largest outflows since December 2017).
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Source: Thomson Reuters
Intercontinental Exchange Finalizes Acquisition of Chicago Stock Exchange
July 18, 2018-Intercontinental Exchange (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of data and listings services, today announced that it has completed its acquisition of the Chicago Stock Exchange (CHX).
Terms of the transaction were not disclosed. The financial impact of the acquisition is not material to ICE and will not impact capital return plans.
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Source: Intercontinental Exchange
FlexShares Launches High Yield Value-Scored ETF
July 18, 2018--HYGV expands FlexShares' suite of fixed-income ETFs, boosting a diversified product line with a focus on value, liquidity and credit evaluation.
Northern Trust's FlexShares(R) Exchange Traded Funds announced today the expansion of its fixed-income exchange traded fund roster with the launch of an ETF that uniquely screens high yield corporate debt: FlexShares High Yield Value-Scored Bond Index Fund (NYSE: HYGV).
"As high yield bonds have become a mainstream fixed-income asset, we believe fund providers have sacrificed their original focus on yield generation," said Mark Carlson, Senior Investment Strategist at FlexShares. “Our new value-scored high yield fund offers investors an innovative approach to income generation by focusing on maximizing the value factor to enhance total return potential, while also placing a renewed focus on the 'yielding' aspect of high yield."
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Source: FlexShares
Be Careful What you Post-SEC Continues To Focus on the Use of Social Media by Investment Advisers
July 17, 2018--On July 10, 2018, the Securities and Exchange Commission (the "SEC") reaffirmed the application of the securities laws to social media use. Specifically, the SEC published five settlement orders (the "Settlements") [1] arising from alleged violations of the Investment Advisers Act of 1940, as amended ("Advisers Act"), and Rule 206(4)-1(a)(1) thereunder (the "Testimonial Rule").
Notably, the Settlements involved the publication of client testimonials on social media and other websites by SEC-registered investment advisers ("RIAs"), the investment adviser representatives of RIAs ("IARs"), and/or a marketing consultant hired by the RIA or the IARs.
aken together, the Settlements demonstrate that the SEC and its staff ("Staff") are actively applying the Staff’s 2014 Guidance on the Testimonial Rule (described below) in the enforcement context. The Settlements, which arise from examination referrals conducted by the SEC's Chicago Regional Office, are further evidence of an increased focus by the Staff on social media use by RIAs generally. [2]
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Source: K&L Gates LLP
Coinbase Says It Won Approval for Trio of Acquisitions
July 17, 2018--Coinbase Inc., one of the most popular cryptocurrency platforms, said it got the green light to move forward with a trio of acquisitions that could allow it to become one of the first federally regulated venues for trading digital coins deemed to be securities.
The Financial Industry Regulatory Authority approved Coinbase's purchase of Keystone Capital Corp., Venovate Marketplace Inc. and Digital Wealth LLC,a company spokesman said Monday.
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Source: Bloomberg
BlueStar Israel Equity Review & Outlook-Israel Outperforms MSCI EAFE by 8.9% in 2018 YTD
July 17, 2018--Israel is the best performing Developed Market country YTD; significantly accelerating its lead over EAFE in June by 2%
The BlueStar Israel Global Index(R) (BIGI(R)) pulled back 0.78% in June, but is up 6.5% in 2018 year-to-date, as of July 15
BIGI(R) is outperforming the local TA-125 by nearly seven percentage points, as the TA-125 has missed out on the performance of some of Israel's top foreign-listed technology stocks as well as the rebound in shares of some of Israel's largest companies including Teva Pharmaceuticals
The technical outlook for BIGI(R) indicates positive momentum, as the index probes a critical resistance level
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Source: BlueStar Indexes(R)
Treasury International Capital Data For May
July 17, 2018--The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for May 2018. The next release, which will report on data for June 2018, is scheduled for August 15, 2018.
The sum total in May of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a net TIC inflow of $69.9 billion.
Of this, net foreign private inflows were $58.8 billion, and net foreign official inflows were $11.1 billion.
Foreign residents increased their holdings of long-term U.S. securities in May; net purchases were $20.3 billion. Net purchases by private foreign investors were $31.3 billion, while net sales by foreign official institutions were $10.9 billion.
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Source: Treasury.gov
BNY Mellon DR Index Monthly Performance-June 2018
July 17, 2018--The BNY Mellon DR Index Monthly Performance for June 2018 report is now available.
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Source: BNY Mellon
