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Monday Morning Memo: European Fund Industry Review Q1 2019
April 29, 2019--The European fund industry faced estimated net outflows of €58.3 bn in Q1 2019. These outflows came after the first year with estimated net outflows since 2012.
The flows were mainly driven by the discussions about a possible trade war between the U.S. and China, a possible return of the Euro crisis caused by developments in Italy and France, an environment of rising interest rates in the U.S., and a general economic slowdown with decreasing earnings at the company level.
Nevertheless, since the equity markets showed a rebound over the course of Q1 2019, one would have expected to see net inflows into mutual funds. That said, even as the general environment was negative, some fund promoters still enjoyed significant inflows. It was also not surprising to witness that the European fund industry experienced further mergers and acquisitions on the asset manager side, as well as in the service provider segment.
Assets Under Management in the European Fund Industry
The assets under management in the European fund industry increased from €9.9 tr to €10.4 tr in 2019 year to date. This increase was driven by the performance of the underlying markets (-€542.2 bn), while net sales contributed outflows of €58.3 bn.
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Source: Refinitiv
Moex Eleven ETFs to migrate to settlement on T+2
April 29, 2019--On 6 May 2019, trading in Exchange Traded Funds (ETFs) under the Finex ETF and ITI Funds brands will migrate to a T+2 settlement cycle in USD without full collateral required. Nine FinEx ETFs will be transferred from the order book with same day settlement in USD (board ID: EQTD) to the order book with settlement on T+2 in USD (board ID: TQTD); trading in the ETFs in EQTD board will be terminated;·
Two ITI Funds ETFs will be admitted to trading with settlement on T+2 in USD.
Investors will then be able to trade ETFs both in RUB and USD with a unified T+2 settlement cycle.
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Source: Moscow Stock Exchange
Vienna Stock Exchange expands ATX index offering with new leverage indices
April 26, 2019--(Vienna) The Vienna Stock Exchange launches new leverage indices on the leading Austrian index ATX, thus expanding its existing range of indices. The new indices with a leverage of 12 and 15 are based on the ATX Net Total Return.
The benchmarks take into account the net dividends of the index members. With this expanded offer, the Vienna Stock Exchange is responding to the demand of international market participants.
Leverage indices refer to an existing index (reference index) and represent its performance with a leverage fixed at the start of the index. This leverage function allows the leverage index to participate disproportionately in the daily performance of the benchmark index, both in positive and negative movements.
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Source: Wiener Börse AG
Deutsche Bank and Commerzbank abandon merger talks
April 25, 2019--Deutsche Bank and Commerzbank have abandoned merger talks, saying the deal would have been too risky.
Both banks said the deal would not have generated "sufficient benefits" to offset the costs of the deal.
The German banks only entered formal merger talks last month.
The German government had been supporting the tie-up, with reports saying Finance Minister Olaf Sholz wanted a national champion in the banking industry.
The government still owns a 15.5% stake in Commerzbank, acquired after the bank was bailed out following the financial crisis.
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Source: BBC.com
New US exchange MEMX could come to Europe, backer hints
April 25, 2019--One of the backers of MEMX, the new US exchange set up to challenge Nasdaq and the New York Stock Exchange, has hinted that the model could be exported to Europe.
Doug Cifu, the chief executive of Virtu Financial, a proprietary trading firm and broker, said: "The mandate of the MEMX Exchange is not limited to the United States."
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Source: fnlondon.com
European Commission to gain more powers over non-EU firms
April 25, 2019--New financial regulatory measures close to final approval by the EU are stricter on firms domiciled outside the EU than the current rules, a European Commission spokesperson says.
They give the European Commission more power to determine which countries' financial firms will be allowed to serve customers within the EU, the official says.view more
Source: Smartbrief
UBS, Deutsche Bank in asset management merger talks: FT
April 23, 2019--The asset management arms of Deutsche Bank AG and Swiss bank UBS Group AG are in "serious" merger talks, the Financial Times reported on Tuesday, citing people familiar with the discussions.
The talks have been going on for two months, the newspaper reported, adding that if the deal were to materialize, the combined business would have just over 1.4 trillion euros ($1.57 trillion) of assets under management.
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Source: Reuters
Monday Morning Memo: European Investors hunting yield in the bond market
April 22, 2019--The negative trend with regard to fund flows in Europe continued in March even as the securities markets rebounded. As a consequence, March was the eleventh month in a row long-term mutual funds posted net outflows after 16 consecutive months of net inflows.
Given the current interest rate environment, it was surprising that bond funds (+€16.4 bn) were once again the best-selling asset type in the segment of long-term mutual funds, followed by real estate funds (+€0.1 bn). All other asset types faced outflows: equity funds (-€20.9 bn), alternative UCITS funds (-€7.9 bn), mixed-asset funds (-€5.5 bn), “other” funds (-€0.5 bn), and commodity funds (-€0.4 bn).
These fund flows added up to overall net outflows of €18.8 bn from long-term investment funds for March. ETFs contributed inflows of €5.5 bn to these flows.
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Source: Refinitiv
New iShares ETFs on Xetra: Companies from different regions with focus on sustainability
April 18, 2019-Since Thursday five new Exchange Traded Funds from iShares are tradable via Xetra and Börse Frankfurt.
With the equity ETFs, investors can participate in the performance of various MSCI indices on a regional or global level, which are composed alternatively according to sustainability criteria.
The reference indices exclude companies related to weapons and tobacco manufacturing or generate their income from power station coal or oil sand business.
Companies that violate the UN Global Compact principles or do not have an ESG ranking are also removed from the indices. The weighting of the companies in the individual indices is based on their ESG ratings and CO2 emissions.
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Source: Deutsche Börse Cash Market
Solactive drives innovative index development with cutting-edge Emotional Data Intelligence Index, serving as the underlying for UBS Index Certificate
April 17, 2019--Solactive is pleased to announce the development of yet another innovative index utilizing alternative data sources. The next index deployed by the German Index Provider is labeled Solactive Europe Big Data Sentiment Index and features a unique approach of using emotional data.
The proprietary algorithm mines user-generated information from Social Media platforms, delivering the primary dataset of this particular index.
Social Media data is a valuable source of information.
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Source: Solactive AG
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