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Monday Morning Memo: European Investors shy away from mutual funds in April
May 27, 2019--The negative fund flows trend in Europe continued in April as the securities markets showed a volatile, but positive, trend. As a consequence, April was the twelfth month in a row long-term mutual funds posted net outflows after 16 consecutive months of net inflows.
Taking the current interest rate environment into account, it was surprising that bond funds (+€7.6 bn) were once again the best-selling asset type in the segment of long-term mutual funds, followed by real estate funds (+€0.2 bn) and commodity funds (+€0.1 bn). All other asset types faced outflows: equity funds (-€21.0 bn), alternative UCITS funds (-€8.7 bn), mixed-asset funds (-€3.2 bn), and “other” funds (-€0.6 bn).
These fund flows added up to overall net outflows of €25.7 bn from long-term investment funds for April. ETFs contributed inflows of €3.7 bn to these flows.
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Source: Detlef Glow, Refinitiv
Theresa May quits: UK set for new PM by end of July
May 24, 2019--Theresa May has said she will quit as Conservative leader on 7 June, paving the way for a contest to decide a new prime minister.
In an emotional statement, she said she had done her best to deliver Brexit and it was a matter of "deep regret" that she had been unable to do so.
Mrs May said she would continue to serve as PM while a Conservative leadership contest took place. The party said it hoped a new leader could be in place by the end of July.
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Source: BBC
Russia: Staff Concluding Statement of the 2019 Article IV Mission
May 24, 2019--Russia's growth prospects will depend on the strength of domestic policies and reforms. GDP growth in the past three years averaged 1.4 percent and is projected at a similar rate in 2019.
External support is expected to be limited, as sanctions, global political and trade uncertainty and lower oil prices have replaced the favorable external conditions that contributed to rapid growth in the 2000s boom. Thus Russia now needs to focus on domestic reforms to improve growth potential. A key building block is the credible macroeconomic framework the authorities have established since 2014, in difficult circumstances, in the form of inflation targeting, exchange rate flexibility and the fiscal rule.
view the Russia: Staff Concluding Statement of the 2019 Article IV Mission
Source: IMF
Mifid rules highlight the costs of investing
May 23, 2019--Wealth managers are now required produce fee statements for customers as part of Mifid II rules that came into effect in January 2018.
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Source: FT.com
ECB-Account of the monetary policy meeting
of the Governing Council of the European Central Bank, held in Frankfurt am Main on Wednesday and Thursday, 9-10 April 2019
May 23, 2019--1. Review of financial, economic and monetary developments and policy options
Financial market developments
The Vice-President, standing in for Mr Cœuré, reviewed the latest financial market developments.
Since the Governing Council's previous monetary policy meeting on 6-7 March 2019, global risk sentiment had improved across various market segments.Equity market indices had continued to rise, recording one of the strongest first quarter performances since the global financial crisis, while government bond prices had also increased. At the same time, foreign exchange rates had mostly remained broadly stable.
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Source: ECB
ESMA updates its Q&As regarding the Benchmark Regulation
May 23, 2019--The European Securities and Markets Authority (ESMA) has issued today an update of its Q&As on the European Benchmarks Regulation (BMR).
The new Q&As provide clarification on the following issues:
the information included in the ESMA register of administrators of benchmarks;
determination of the Member State of reference; and
the role of IOSCO principles and of external audit in the recognition of 3rd country administrators.
The purpose of this document is to promote common supervisory approaches and practices in the application of the BMR.
view the ESMA Questions and Answers On the BenchmarksRegulation (BMR)
Source: ESMA
Assets in Irish domiciled funds reach all-time high of EUR2.64 trillion
May 23, 2019--Irish Funds, the representative body for the global cross-border investment funds industry in Ireland, has reported an increase in assets in Irish domiciled funds of 9 per cent over the last quarter, to an all-time high of EUR2.64 trillion according to the latest data from the Central Bank of Ireland (CBI).
Net sales for the quarter across all funds, stood at EUR32.3 billion-of which EUR25.7 billion were into ETFs.
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Source: institutionalassetmanager.co.uk
ECB-Euro area investment fund statistics-first quarter of 2019
May 22, 2019--In the first quarter of 2019 the outstanding amount of shares/units issued by investment funds other than money market funds stood at €11,790 billion, which was €776 billion higher than in the fourth quarter of 2018.
Exchange-traded funds (ETFs) are presented separately for the first time in this press release
The outstanding amount of shares/units issued by ETFs stood at €712 billion, which was €91 billion higher than in the fourth quarter of 2018
The outstanding amount of shares/units issued by money market funds was €1,169 billion, €18 billion higher than in the fourth quarter of 2018.
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Source: ECB
JP Morgan AM launches GBP-hedged version of US Treasury ETF
May 22, 2019--JP Morgan Asset Management (JPMAM) has launched a sterling-hedged version of the JPM BetaBuilders US Treasury Bond UCITS ETF (BBTR), in response to client demand.
The JPM BetaBuilders US Treasury Bond UCITS ETF-GBP Hedged (BBTP) is listed on the London Stock Exchange with a total expense ratio (TER) of 0.10%.
BBTP will offer investors exposure to Treasury bonds across the full yield curve and will be hedged back to sterling.
BBTR was launched earlier this month with the JPM BetaBuilders EUR Govt Bond UCITS ETF (BBEG) with TERs of 0.10%.
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Source: etfstream.com
Kraneshares CSI China Internet UCITS ETF Lists on Euronext Amsterdam
May 22, 2019--The listing of KraneShares CSI China Internet UCITS EFT (Ticker: KWEB NA) in Amsterdam follows the listing on Euronext Dublin.
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Source: euronext.com
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