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Legg Mason Inks Three Deals in Bid to Diversify Revenue Stream
Legg Mason executives raced to complete three transactions ahead of an investor day Friday
January 22, 2016--Legg Mason Inc. signed three new deals in a continuing bid to bolster its stable of money-management businesses.
Following an introduction last year from influential shareholder Nelson Peltz, the Baltimore-based firm said it is merging EnTrust Capital, a firm based in New York that invests clients' money in hedge funds, with its existing fund-of-hedge-funds business, Permal Group.
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Source: Wall Street Journal
Latin America and the Caribbean in 2016: Adjusting to a Harsher Reality
January 22, 2016--It's been a rough start to 2016, as seen by the recent bouts of financial volatility, stemming from uncertainties related to the slowdown in China, lower commodity prices, and divergent monetary policy in advanced economies.
The global recovery continues to struggle to gain its footing, with strains in some large emerging market economies weighing on growth prospects.
For Latin America and the Caribbean, growth in 2016 is now expected to be negative for the second consecutive year-the first time since the debt crisis of 1982-83, which triggered the "lost decade" for the region.
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Source: IMF
Legg Mason Acquires Stake in Precidian Investments, Upping Ante in Battle for Hybrid Funds
January 22, 2016--Asset managers' dogfight over a new breed of ETF-hybrid funds intensified Friday after Legg Mason (LM) announced that it had acquired a minority stake in Precidian Investments.
Precidian is seeking regulatory approval for a fund structure that would allow stockpickers to shield holdings from daily public viewing and investors to buy or sell intraday, like an exchange-traded fund. The Precidian model would compete directly with Eaton Vance's (EV) "exchange-traded managed funds," the first of which are slated to launch early this year.
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Source: Barron's
Infographic-Canadian Venture Stocks Trade at Lowest Volume in a Decade
The last time volume was this low, iphones didn't exist
January 22, 2016--During last year's plunge in commodity prices, the global benchmark exchange for junior resources recorded its lowest average daily trading volume in over a decade.<
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Source: visualcapitalist.com
IRON Funds launches Equity Premium Income Fund (CALLX)
January 22, 2016--IRON Funds announced the launch of the IRON Equity Premium Income Fund (NSDQ: CALLX, CALIX) on October 30, 2015.
The objective of the Fund is to provide superior risk-adjusted total return relative to the CBOE S&P 500(R) BuyWrite Index (BXMSM) by utilizing an actively managed options overlay strategy on the underlying exchange traded index fund.
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Source: IRON Financial
REX Shares, LLC Announces Collaboration On New MLP Exchange-Traded Products With United States Commodity Funds LLC
January 21, 2015--REX Shares, LLC (REX) today announced it has signed an agreement with United States Commodity Funds LLC (USCF), a sponsor with $4.4 billion of exchange-traded products under management, to work with USCF to develop a series of innovative exchange-traded products providing exposure to master limited partnerships (MLPs).
The new exchange-traded products will seek to provide investors with exposure to investments in securities of MLPs using listed futures contracts on the S&P MLP Index.
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Source: REX Shares, LLC
U.S. Institutional Investors Plan to Increase and Broaden Use of ETFs in 2016, According to Greenwich Associates Study
January 20, 2016--U.S. institutions plan to increase their use of ETFs in 2016 according to a new report, Institutional Investment in ETFs: Versatility Fuels Growth from Greenwich Associates.
The study, which is in its fifth year and sponsored by BlackRock, found that institutions are increasingly using ETFs for longer-term, strategic allocations as well as cost-effective replacements for bonds and derivatives.
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Source: BlackRock
Canadian Institutions and Asset Managers Among World's Most Active, Sophisticated ETF Investors: Greenwich Report
New Study Reveals Majority of Institutional ETF Assets Are Strategic
Canadian Institutions Lead the U.S. and Europe in Fixed Income and Smart Beta ETF Use
January 20, 2015--Canadian institutional investors are increasingly using exchange-traded funds (ETFs) for strategic asset allocations, and are leading the world in the innovative application of ETFs to realize their investment strategies-even beyond equities-according to the Greenwich Associates 2015 Canadian Exchange-Traded Funds study.
In its third annual survey of institutional ETF use, sponsored by BlackRock Asset Management Canada Limited (BlackRock Canada), Greenwich Associates found that participating institutions hold just over one-fifth -21.2 per cent- of total assets in ETFs, while asset managers allocate on average more than a quarter of total assets under management to the funds. Despite that already-strong usage, nearly a third of those surveyed plan to increase their ETF allocations in the coming year.
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Source: BlackRock
Ropes & Gray Enhances ETF Capabilities
January 20, 2016--Ropes & Gray LLP announced that it has enhanced its exchange-traded fund (ETF) capabilities with the addition of Edward Baer, who has joined the firm's award-winning investment management practice as counsel in San Francisco.
Formerly the chief legal officer for BlackRock's U.S. iShares, Mr. Baer brings to Ropes & Gray's clients a deep familiarity with ETF and mutual fund governance and compliance, and related business and operational issues.
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Source: Ropes & Gray LLP.
Morgan Stanley-US ETF Weekly Update
January 19, 2016--US ETF Weekly Update
Weekly Flows: $2.8 Billion Net Outflows
Third Consecutive Week of Net Outflows
International-Emerging ETFs Lead Outflows
High-conviction ETF Recommendations Slide: No Changes
ETF Assets Stand at $1.9 Trillion, down 8% in 2016
Four ETF Launches Last Week
US-Listed ETFs: Estimated Flows by Market Segment
ETFs posted net outflows of $2.8 bln last week; third consecutive week of net outflows
Last week's net outflows were led by International-Emerging ETFs at $1.8 bln; conversely, Fixed Income ETFs posted net inflows of $1.9 bln, the most of any category we measured
Ten of the 15 categories we measured posted net outflows last week
ETF assets stand at $1.9 tln, down 8% in 2016
13-week flows remain positive among most asset classes; combined $64.7 bln in net inflows
US Large-Cap ETFs have posted $15.2 bln in net inflows over the last 13 weeks, the most of any segment that we measured; the next largest category, International-Developed ETFs, generated net inflows of $14.3 bln
Leveraged/Inverse and Currency ETFs are the two segments of the ETF market to have exhibited net outflows over the last 13 weeks, at a combined $698 mln
US-Listed ETFs: Estimated Largest Flows by Individual ETF
The SPDR S&P 500 ETF (SPY) posted net inflows of $1.2 bln last week, leading all ETFs
The iShares 7-10 Year Treasury Bond ETF (IEF) and the iShares 20+ Year Treasury Bond ETF (TLT) had a combined $1.6 bln in net inflows last week amid elevated equity market volatility
Notably, the Energy Select Sector SPDR (XLE), the largest energy ETF, had net inflows of $730 mln last week and $1.3 bln over the last 13 weeks
Conversely, the iShares iBoxx $ High Yield Corporate Bond ETF (HYG) and the SPDR Barclays High Yield Bond ETF (JNK) had a combined $1.8 bln in net outflows as both products trade in sympathy with oil prices
The iShares MSCI Emerging Markets ETF (EEM) exhibited net outflows of $928 mln last week; EEM is one of the primary ways that institutional investors gain access to emerging market equities via ETFs
The WisdomTree Europe Hedged Equity Fund (HEDJ) and the WisdomTree Japan Hedged Equity Fund (DXJ), two international currency hedged ETFs, had a combined $854 mln in net outflows last week
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Source: Morgan Stanley
