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STOXX Limited Announces New Management Structure
January 18, 2010--STOXX Limited, the leading provider of European equity indices, today announced changes to its corporate structure. With immediate effect, STOXX will be governed by a board of directors and a management board. These changes are announced after Deutsche Börse and SIX Group completed their acquisition of STOXX Limited.
The four members of the board of directors are: Dr. Holger Wohlenberg, Managing Director, Market Data & Analytics, Deutsche Börse Group; Werner Bürki, Member of the Management Committee, SIX Swiss Exchange; Ursula C. La Roche-Ender, Group CFO Division Finance & Risk, SIX Group, and Andreas Rötheli, Partner, Lenz & Staehelin. Mr. Wohlenberg assumes the role of Chairman of the Board and Mr. Bürki will be Vice-Chairman.
The new management board includes Dr. Hartmut Graf, who joins STOXX Limited as Chief Executive Officer (CEO), and Patrick Valovic, who has been promoted to Chief Financial Officer (CFO). Ricardo Manrique decided to step down as CEO of STOXX Limited and pursue different career opportunities.
Mr. Graf has extensive experience with index products, portfolio- and risk management, portfolio theory as well as investment- and derivative strategies. Most recently he was responsible for the index business of Deutsche Börse, where he oversaw the development, maintenance and marketing of Deutsche Börse’s suit of indices. Flagship of this index family is the prominent German DAX index. Prior to joining Deutsche Börse, Mr. Graf spent four years with Roland Berger, consulting clients from the financial services industry. He started his career in product management and research in the fixed income department in the investment banking division of Commerzbank. Mr. Graf holds a Ph.D. in theoretical physics. Mr. Valovic has been with STOXX Ltd. for ten years, most recently in the position of Director of Business Operations.
Source: Stoxx
UK pension trustees urged to review lending terms
January 18, 2010--Retirement scheme trustees are being urged by the Pensions Regulator to review the terms under which their fund managers loan stock for a fee.
The regulator made the move after becoming aware that stock was being loaned without trustees’ knowledge or consent.
In guidance issued earlier this month, the regulator offered assistance to trustees confronting the practice, which fund managers and custodians can use to enhance returns to the scheme, or keep proceeds of the loan fees themselves.
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Source: FT.com
Verwaltetes Vermögen steigt auf 27 Milliarden Euro - künftiges
January 18, 2010--db xtrackers, die ETF-Plattform der Deutschen Bank,
hat ihr starkes Wachstum 2009 fortgesetzt und 6,6 Milliarden Euro Fondsvolumen
neu dazu gewonnen. Aktuell verwaltet db x-trackers rund 27 Milliarden Euro in 125
ETFs. „In drei von vier Quartalen war db x-trackers 2009 der ETF-Anbieter mit dem höchsten Mittelzufluss in Europa“, sagt Thorsten Michalik, verantwortlich für db xtrackers. Betrachtet man das gehandelte Fondsvolumen, zählen ETFs von db xtrackers zu den liquidesten Anlageprodukten in Europa.
Für 2010 hat sich db x-trackers zum Ziel gesetzt, weiterhin überdurchschnittlich zu
wachsen und zum zweitgrößten ETF-Anbieter Europas aufzusteigen. Für die
gesamte ETF-Branche wird 2010 laut einer aktuellen Studie der Deutschen Bank ein
Wachstum beim verwalteten Vermögen von 27 Prozent in Europa erwartet.
Großes Anlegerinteresse erwartet db x-trackers in Zukunft vor allem bei neuen ETFs außerhalb des klassischen Aktien- und Rentensegments. „Wir erwarten, dass sich vor allem Rohstoffe, Devisen und Alternative Investments zum Verkaufsschlager in der ETF-Industrie entwickeln“, kommentiert Michalik. Insgesamt plant db x-trackers, 2010 rund 50 neue ETFs aus verschiedenen Anlageklassen aufzulegen.
Ein weiterer Teil der Wachstumsstrategie bei börsengehandelten Produkten ist der
Start des Geschäftsfeldes ETCs (Exchange Traded Commodities). Dabei handelt es
sich um börsennotierte Anlageprodukte, die den Preis eines oder mehrere Rohstoffe
abbilden. Die Deutsche Bank wird im Frühjahr mit einer Palette von ETCs auf
einzelne Rohstoffe und Rohstoff-Körbe, sowie mit Short-ETCs starten. Alle ETCs
werden mit Gold hinterlegt werden und die Deutsche Bank wird wie schon bei
Exchange Traded Funds als Market Maker zur Verfügung stehen. Es sind
Börsennotierungen in Deutschland, Großbritannien, Italien und Asien geplant.
Source: db x-trackers
FTSE Group and EDHEC-Risk Institute collaborate to create innovative benchmarking with new risk efficient indices
January 18, 2010-- FTSE Group (“FTSE”), the award winning global index provider and EDHEC-Risk Institute, the leading centre for applied asset and risk management research, have today launched the FTSE EDHEC-Risk Efficient Indices, an index series which uses a risk-adjusted strategy to that of traditional market capitalisation-weighted indices, to deliver investors with an optimal risk:return ratio.
The FTSE EDHEC-Risk Efficient Index Series, a global offering, can be used by asset owners and investment consultants to capture equity market returns with improved risk/reward efficiency. This efficiency is achieved by maximising what is known as the Sharpe ratio, by weighting the constituents of the indices accordingly. This enhanced methodology, combined with a constituent base deriving from the renowned FTSE All World Index Series, allows investors to develop new passive investment strategies, an area that is consistently growing amidst the global recovery. These indices serve a different purpose to traditional market capitalisation-weighted indices which are created to track the performance of the market, using an advanced methodology to achieve efficient risk to return.
Professor Noël Amenc, Director of EDHEC-Risk Institute, said: “Overall, traditional commercial capitalisation -weighted indices are not designed to be at the pinnacle of efficiency or provide well-diversified portfolios, as they principally track the market. EDHEC-Risk Institute has therefore undertaken major research in a methodology that minimises excessive concentration of risk and affords investors the ability to benefit from the maximum Sharpe ratio portfolio. This simple concept is primarily based on the concept of a positive and robust long-term relationship between the risk of a stock and its return and we are pleased to have partnered with FTSE Group, an authority in the field of indexing, to achieve this within an innovative index series.”
Mark Makepeace, Chief Executive FTSE Group said: “Increasingly, investors are looking to diversify their core passive funds across a range of benchmarks weighted by market cap and other weighting schemes. The weighting methodology developed by the EDHEC-Risk Institute provides a robust and transparent approach to constructing a benchmark seeking to achieve an efficient risk return.”
Source: EDHEC
Luxembourg FM calls for European tax
January 18, 2010-- Luxembourg's finance minister called for a new tax to fund the European Union's budget, saying in Monday's Le Figaro newspaper he favoured a levy on financial transactions or a carbon tax.
Our citizens have a direct link with their national budget but this is not at all the case when it comes to the European Union budget," the minister, Luc Frieden, wrote in a commentary for the French daily.
"It would therefore make sense to rethink the financing of the European budget through a European tax imposed on certain services or products that would go directly into the European budget," he said.
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Source: EU Business
Marshall Wace plans listed ETF to track strategy
January 18, 2010--Marshall Wace, one of Europe’s largest hedge funds, will on Monday unveil plans to launch a publicly listed exchange-traded fund to track its flagship Tops fund strategy in an effort to rebuild assets after huge redemptions in 2009.
The move marks a rekindling of a trend popular among top-tier hedge funds at the height of the boom to list versions of their restricted, proprietary strategies on stock exchanges
The Marshall Wace vehicle, expected to raise $500m (£307m), will be structured as an ETF, the first such structure of its kind, and unlike a closed-ended listing will be able to grow in size according to investor demand.
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Source: FT.com
CESR publishes consolidated information on depositary obligation for all 29 CESR Members
January 15, 2010--Since late 2008, CESR has been working on a number of issues related to UCITS depositaries. At the outset, the focus was on assessing the impact of the Madoff fraud on the fund industry; this work was then widened to include consideration of the duties and responsibilities of UCITS depositaries.
In this context, a mapping exercise was carried out among CESR Members to establish how the various rules on depositary obligations have been implemented in Member States. A high-level summary of that mapping exercise was included as an annex to CESR’s response to the Commission’s consultation on the UCITS depositary function (Ref. CESR/09-781 published on 28 September 2009).
However, since the mapping work began early last year, there have been a number of requests from external stakeholders to have access to the detailed, country-level information that had been collected. The full mapping exercise being published on the today includes consolidated information for all 29 CESR Members.
view the Mapping of duties and liabilities of UCITS depositaries
Source: CESR
CESR publishes update of FAQ and common positions regarding prospectuses
January 15, 2010--CESR published today the 10th updated of FAQ and commonly agreed positions by CESR Members regarding prospectuses.
view the Frequently asked questions regarding Prospectuses: Common positions agreed by CESR Members 10th Updated Version - December 2009
Source: CESR
ETF Statistics December 2009-London Stock Exchange
January 15, 2010--The ETF Statistics December 2009 of the London Stock Exchange is now available.
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Source: London Stock Exchange
Amundi IS, formerly known as CASAM, has listed an additional 13 ETFs on the NYSE Euronext European markets
January 15, 2010--Amundi IS, formerly known as CASAM, has listed the following13 ETFs on the NYSE Euronext European markets:
CASAM ETF COMMODITIES S&P GSCI (LE)
ISIN: FR0010821728
ETF Symbol:CL7
CASAM ETF COMMODITIES S&P GSCI AGRICULTURE
ISIN:FR0010821736
ETF Symbol:CA8
CASAM ETF COMMODITIES S&P GSCI NON ENERGY
ISIN:FR0010821777
ETF Symbol:NEG
CASAM ETF COMMODITIES S&P GSCI METALS
ISIN:FR0010821744
ETF Symbol:CME
CASAM ETF MSCI BRAZIL
ISIN:FR0010821793
ETF Symbol:BRZ
CASAM ETF MSCI EUROPE EX EMU
ISIN:FR0010821819
ETF Symbol:CU9
CASAM ETF MSCI EUROPE EX SWITZERLAND
ISIN:FR0010821835
ETF Symbol:CS9
CASAM ETF SHORT GOVT BOND EUROMTS BROAD
ISIN:FR0010821850
ETF Symbol:SB0
CASAM ETF SHORT GOVT BOND EUROMTS BROAD 10-15
ISIN:FR0010823385
ETF Symbol:S10
CASAM ETF SHORT GOVT BOND EUROMTS BROAD 1-3
ISIN:FR0010821876
ETF Symbol:S13
CASAM ETF SHORT GOVT BOND EUROMTS BROAD 3-5
ISIN:FR0010823401
ETF Symbol:S35
CASAM ETF SHORT GOVT BOND EUROMTS BROAD 5-7
ISIN:FR0010823443
ETF Symbol:S5B
CASAM ETF SHORT GOVT BOND EUROMTS BROAD 7-10
ISIN:FR0010823450
ETF Symbol:S71
Source: NYSE Euronext
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