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Factor investing in fixed-income: EDHEC-Risk Institute paper shows that it is possible to build duration-timing strategies that are economically superior to bearing unconditional duration risk
May 16, 2019--The abundance of theoretical and empirical research on factor investing in the equity universe contrasts strongly with the relative scarcity of research on the existence and exploitability of risk premia in bond markets.
Recently, some managers have been focusing on risk premia in fixed income, but the academic knowledge remains limited and it seems that it is not possible to apply the same factors that have been identified for equities in a straightforward way.
It is within this context that EDHEC-Risk Institute has launched a dedicated research programme that aims to broaden the concepts of factor-investing in bond markets by i) analysing the risk factors that drive these universes, ii) finding whether they attract compensation or not, and iii) more generally, examining bond return predictability.
view the Factor Investing in Sovereign Bond Markets-A Time-Series Perspective
Source: EDHEC-Risk Institute
Investec Closes Click & Invest Robo-Advice Service
May 16, 2019--Investment giant Investec says the appetite for robo-advice services has been lower than expected
The business, created by investment giant Investec, said appetite for the service "remains low" and that the market is growing at a slower rate than it had expected.
Investec is writing to customers who use the service to start a process to move their investments elsewhere over the next 90 days.
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Source: morningstar.co.uk
ESMA says market risk remains high but stable
May 15, 2019--The European Securities and Markets Authority (ESMA) today publishes its latest risk dashboard for the European Union's securities markets, covering the first quarter of 2019.
It finds that the risk landscape in Q1 2019 remains largely unchanged compared to the fourth quarter of 2018.
In Q1 2019 EU securities markets were characterised by stock market recovery, combined with higher liquidity in bond markets and low volatility levels. The key risk area remains a substantive overvaluation, as the significant market correction that occurred at the end of 2018 has been reversed since the start of 2019. Market risk therefore remains very high.
view the ESMA Risk Dashboard No. 2 2019
Source: ESMA
Forecasts for the UK economy: May 2019
May 15, 2019--A comparison of independent forecasts for the UK economy in May 2019.
view
Source: gov.uk
Exchange-traded notes on Litecoin and Ripple now tradable at Boerse Stuttgart
May 13, 2019--Investors can participate in the future price development of the cryptocurrencies through exchange-traded securities
For the first time in Germany, investors can now buy and sell exchange-traded notes (ETNs) based on the cryptocurrencies Litecoin and Ripple (XRP). The four securities issued by XBT Provider in Sweden track the price of the two cryptocurrencies in relation to the euro and the Swedish krona.
'There is a lot of interest in cryptocurrencies. These ETNs will allow investors in Germany to track future price developments of the two cryptocurrencies Litecoin und Ripple (XRP) through exchange-traded securities for the first time,' explains Jülrgen Dietrich, Director Blue Chips & Funds Trading at Boerse Stuttgart.
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Source: Boerse Stuttgart
First STOXX ESG benchmarks to be used for leveraged products
May 13, 2019--STOXX Ltd., the operator of Deutsche Boerse Group's index business and a global provider of innovative and tradable index concepts, has licensed three STOXX European ESG benchmark indices to Goldman Sachs for the launch of listed products in Germany, Austria, The Netherlands, Belgium and Sweden.
In February, Eurex, one of the globally leading derivatives exchanges, launched ESG derivatives on these STOXX European benchmarks covering ESG-X, Low Carbon and Climate Impact. The liquid ESG benchmarks are now serving as underlyings for leveraged products for the first time.
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Source: Stoxx
Monday Morning Memo: Review of the European ETF Market, April 2019
May 13, 2019--The promoters of ETFs in Europe enjoyed net inflows for April. These inflows led, in combination with a positive performance of the underlying markets, to increased assets under management in the European ETF industry. In more detail, the assets under management in the European ETF industry increased from €725.2 bn as of March 31, 2019, to €746.7 bn at the end of April.
The increase of €21.5 bn for April was driven by the performance of the underlying markets (+€17.8 bn), while net sales contributed inflows of €3.7 bn to assets under management in the European ETF segment.
With regard to the overall number of products, it was not surprising equity funds (€521.2 bn) held the majority of the assets, followed by bond funds (€195.4 bn), commodity products (€18.6 bn), "other" funds (€5.5 bn), money market funds (€3.7 bn), mixed-asset funds (€1.7 bn), and alternative UCITS products (€0.6 bn).
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Source: Refinitiv
Deutsche Bank talks with UBS on asset management deal stall: sources
May 13, 2019--Talks have stalled between Deutsche Bank and UBS on a tie up of their asset management businesses due to differences over who would control the combined entity, people familiar with the matter said.
Such a tie-up still made strategic and financial sense and they did not rule out that talks may eventually be revived, three sources said, but both banks had wanted to drive the venture.
Yet in practice many asset managers pocket from a third to nearly half of the revenues generated from securities lending. view the Efficient Portfolio Management Techniques: Attribution of profits derived from Securities Lending by UCITS Exchange-Traded Funds paper Ireland: Staff Concluding Statement of the 2019 Article IV Mission
The baseline economic outlook foresees continued robust growth and job creation with a further tightening of capacity constraints. External risks are increasing, however, as Ireland's close ties with the U.K. make it uniquely vulnerable to Brexit. Also, an escalation in global protectionism and changes in international corporate taxation could have negative spillovers. Policymakers should manage these risks by focusing on building buffers and strengthening resilience of the economy, both to alleviate demand pressures and prepare for the possibility of a major external shock. view more If you are looking for a particuliar article and can not find it, please feel free to contact us
Source: Better Finance
May 10, 2019--A decade after the global financial crisis, the Irish economy is one of the most dynamic in Europe. Economic growth is strong, unemployment is nearing historical lows, and public finances have improved. Ireland's success story is broad-based with multinational enterprises playing an important role.
The downsized banking sector is well capitalized and liquid, but profitability is under pressure while credit to the economy has only recently begun to expand. Investment funds and other financial intermediaries continue to grow rapidly, lifting the overall size of Ireland's financial sector above its pre-crisis level.
Source: IMF
