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Vanguard overtakes Pimco and M&G in Europe
May 16, 2020--Vanguard, the disruptive US asset manager, has leapfrogged traditional active houses M&G and Pimco to become one of Europe's largest retail investment groups, underscoring its rapid growth just over a decade since entering the market.
Low-cost fund specialist Vanguard overtook Pimco, the bond giant made famous by its outspoken co-founder Bill Gross, to become the sixth-largest investment group in Europe by assets, according to data provider Morningstar.
The ranking, which applies only to retail and exchange traded funds, meaning it excludes the impact of institutional mandates, shows Vanguard managed €163bn in assets at the end of March, more than double the amount it managed five years ago. Pimco's European assets stood at €156bn.
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Source: technocodex.com
UK stockpicker Mark Barnett to leave Invesco
May 15, 2020--Fund manager Mark Barnett leaves Invesco after investor concern. Mark Barnett, one of the UK,s best-known fund managers and a former protege of Neil Woodford, has left City firm Invesco, a month after being sacked from another high-profile fund he ran.
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Source: FT.com
German economy sinks, but skirts worst of virus fallout
May 15, 2020--Germany’s economy slumped in the first quarter at its steepest rate since 2009 with worse expected by mid-year, but it is weathering fallout from the coronavirus better than other EU states where outbreaks have been more disruptive.
The 2.2% drop in quarter-on-quarter output was the widest since the financial crisis of a decade ago and the second biggest since German reunification in 1990, Friday's federal statistics office data showed.
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Source: reuters.com
New Sales and Marketing Hires Add to HANetf Distribution Firepower
May 14, 2020--HANetf, Europe's first 'white label' ETF issuer, is pleased to announce a significant expansion of its distribution and marketing capabilities with three new appointments. The hires have been added to bolster the firm's experienced distribution team and increase the firm's distribution footprint into new markets.
HANetf has added two new ETFs in 2020 and assets under management recently surpassed a $300m milestone. HANetf's white label asset management clients include companies from the US, Canada, UK and Kuwait, including The Royal Mint, Purpose Investments, Big Tree Capital, KMEFIC and Ginsberg Global.
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Source: HANetf
ESMA Risk Dashboard No. 1 2020-ESMA sees potential decoupling of financial market performance and underlying economic activity
May 14, 2020--The European Securities and Markets Authority (ESMA), the EU securities markets regulator, today publishes the first complete risk dashboard for 2020, and highlights the very high risks in all areas of ESMA's remit. The assessment remains at the same level as the separate risk update published on 2 April.
During the first quarter of 2020, the equity markets saw very large corrections due to a combination of the Covid-19 pandemic and existing valuation risks. Since then, and despite the high uncertainty and worsening economic outlook, markets have seen a remarkable rebound. This should also be viewed in light of massive public policy interventions in the EU and elsewhere.
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Source: ESMA
ECB-Euro area securities issues statistics: March 2020
May 13, 2020--The annual growth rate of the outstanding amount of debt securities issued by euro area residents decreased from 3.2% in February 2020 to 2.8% in March.
For the outstanding amount of listed shares issued by euro area residents, the annual growth rate was 0.0% in March 2020, the same as in February.
Debt securities
New issuance of debt securities by euro area residents totalled EUR 637.1 billion in March 2020. Redemptions amounted to EUR 614.0 billion and net issues to EUR 23.1 billion. The annual growth rate of outstanding debt securities issued by euro area residents decreased from 3.2% in February 2020 to 2.8% in March.
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Source: ECB
The European Union's post-Brexit reckoning with financial markets
May 13, 2020--In the negotiations between the European Union and the United Kingdom over their future relationship, we see a high probability of a weak contractual outcome, given the dominance of politics over considerations of market efficiency.
In the negotiations between the European Union and the United Kingdom over their future relationship, we see a high probability of a weak contractual outcome, given the dominance of politics over considerations of market efficiency. The EU will thus face a great deal of readjustment and regulatory realignment of its market for financial and other services.
The future relationship will start out with closely aligned regulations which will allow equivalence, and therefore seamless transactions, to continue in many sectors for a number of years. As regulatory autonomy has been one of the main Brexit rationales, we expect divergence to increase after a couple of years
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Source: bruegel.org
Treasury units out stark UK choices to chop estimated 337bn pounds deficit
May 13, 2020--Ministers should elevate taxes sharply within the coming months to cope with an estimated £s;337bn deficit within the present monetary 12 months within the wake of the coronavirus pandemic, in accordance with a leaked Treasury doc.
The paper, revealed within the Every day Telegraph, units out a proposed "coverage package deal" of tax rises and spending cuts which may need to be introduced quickly as a way to "improve credibility and enhance investor confidence".
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Source: biz.blogdady.com
LSE Seeks EU Antitrust Approval for $27 Billion Refinitiv Bid
May 13, 2020--London Stock Exchange Group Plc finally sought European Union approval of its $27 billion bid for data provider Refinitiv, kick-starting one of the most closely watched deal reviews of the year.
The EU's merger control authority set an initial June 22 deadline for regulators to examine the deal, according to a website filing on Wednesday. The date is often extended if companies offer concessions or if the EU opens an in-depth probe, common for complicated data-heavy deals.
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Source: bnnbloomberg.ca
Germany's shock court ruling against the ECB challenges the stability of the euro zone
May 12, 2020--The European Central Bank was quick to react, arguing that it follows decisions taken by the European Court of Justice- not national courts.
However, the German ruling has sparked an unprecedented legal minefield and has led to new questions about the future of the euro zone.
The stability of the euro zone is once again under scrutiny after the German Constitutional Court issued a decision last week that surprised financial markets and policymakers in Europe.
The highest court in Germany said last Tuesday that parts of the European Central Bank's (ECB) actions were illegal under German law. The court said one of the ECB's tools-its quantitative easing program-did not respect "the principle of proportionality" and that the German central bank and government should have challenged the central bank in this regard.
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Source: cnbc.com
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