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Monday Morning Memo: Is there a wider consolidation ahead in the European fund industry?
April 8, 2019--Rumor has it that Deutsche Bank may want to offload its asset management unit DWS in case of a possible takeover of its local rival Commerzbank. The thinking is that Deutsche Bank may need the cash from selling its asset management arm to finance the Commerzbank deal.
The rumors have led large European asset managers including Allianz Global Investors, Amundi and UBS to announce their interest in DWS.
Since we witnessed a lot activity with regard to mergers and acquisitions (M&A) in the European asset management industry over the past few years, the interest in DWS may not come as a surprise, especially since there were more or less previous consistent rumors that Deutsche Bank was considering a sale of its majority stake in DWS.
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Source: Refinitiv
ECB-Account of the monetary policy meeting of the Governing Council of the European Central Bank, held in Frankfurt am Main
April 5, 2019--on Wednesday and Thursday, 6-7 March 20191.
Review of financial, economic and monetary developments and policy options
Financial market developments
Mr Cœuré reviewed the latest financial market developments.
As regards bond market developments, the fall in euro area ten-year overnight index swap (OIS) yields from early October 2018 to mid-February 2019 had recently reversed slightly. Notwithstanding the recent recovery, yields remained compressed compared with the levels observed in early October 2018.
Mr Cœuré recalled that the dominant driver of lower yields in recent months had been a fall in the inflation component, as reflected in revisions to market-based inflation expectations. The pronounced decrease in inflation-linked swap rates, across all maturities, in the fourth quarter of 2018 had likely been related, at least in part, to the sharp parallel fall in oil prices. However, since the end of December 2018 oil prices had gone up by more than 25%, both in US dollar and in euro terms, but the euro area and US medium-term inflation expectations seemed to have responded differently. The US five-year forward inflation-linked swap rate five years ahead had risen by around 20 basis points since early January 2019. In contrast, the equivalent swap rate for the euro area had continued to decline until last week.
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Source: ECB
ESMA issues first pan-EU overview of use of supervisory sanctions for UCITS
April 4, 2019--The European Securities and Markets Authority (ESMA) has issued today its first annual report on sanctions imposed by national competent authorities (NCAs) under the Undertakings for Collective Investments in Transferable Securities (UCITS) Directive.
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Source: ESMA
NGM makes first Litecoin and XRP-tracking ETPs available to EU Investors Via Regulated Exchange Owned by Boerse Stuggart
April 4, 2019--First Litecoin (LTC) & XRP tracking Exchange Traded Products available on a regulated exchange in EU
Nordic Growth Market (NGM)is owned by Boerse Stuttgart, Germany's second Largest Exchange
Listing as XBT Provider reports 3 quarters of net positive inflows ($90M in total), a company first
Litecoin experienced over a 100% rise in price in Q1 2019; still down over 70% from high of $375 in Dec. 2017
XRP experienced relatively flat performance in Q1 2019; still down over 90% from high of $3.84 in Dec. 2017
As of market open, tomorrow, April 5, the first XRP and LTC tracking, Exchange Traded Products are available to EU investors via the Boerse Stuttgart owned, Nordic Growth Market (NGM).
The listing marks the first time investors in the EU have access to both digital assets, LTC and XRP, via a regulated exchange alongside other traditional listed investments such as equities or derivatives.
"This is an important moment for traditional investors and the crypto community alike as LTC and XRP now, effectively, have an ISIN number. This was not an easy feat and a lot of credit is due to our MD of XBT Provider, Laurent Kssis and his counterparts at NGM for their expertise in navigating the complexities of the traditional system and bringing these new digital asset products to market for investors" says Ryan Radloff, CEO of CoinShares, parent to XBT Provider.
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Source: XBT Provider AB
Brexit: bill to prevent no-deal passes Commons by one vote
April 4, 2019--Government fails to block draft law from Yvette Cooper and Sir Oliver Letwin
A cross=party group of MPs has forced through an emergency bill in less than six hours to instruct Theresa May to seek an extension to article 50 and avoid a no-deal Brexit, despite government opposition.
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Source: theguardian.com
HANetf and Gins Global partner again for healthcare innovation ETF
April 4, 2019--New addition to HAN-GINS suite
The new products will be available on the the London Stock Exchange, Borsa Italiana and XETRA this month and will have a TER of 0.75%.
The ETF has been launched as part of a series of thematic ETFs that provide exposure to innovative and emerging industrial and technological themes.
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Source: investmentweek.co.uk
Brexit chaos spurs record flows to sterling-hedged funds
April 4, 2019--Investors pour money into pound-proofed ETFs at a rate seven times that of a year ago
The UK's ongoing political turmoil over Brexit is driving investors into exchange traded funds designed to limit the impact of extreme fluctuations in the value of the British pound.
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Source: Financial News
New EU rules threaten to lock out US prop traders
April 4, 2019--Revisions to Mifid equivalence make opaque demands requiring "psychic abilities", warn lawyers.
Europe's new Investment Firms Regulation (IFR) risks locking out US proprietary traders with no legal presence in the region, market participants and lawyers warn.
This could drain liquidity from European futures exchanges, and there could also be costly implications for UK-based firms if Brexit sees the UK leave the single market.
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Source: risk.net
Commerzbank shares rise on report UniCredit plans to make a rival bid if Deutsche talks fail
April 4, 2019--A report says UniCredit is prepared to make a multibillion-euro offer for a sizable stake in Commerzbank.
Commerzbank would reportedly be merged with German Unicredit subsidiary HypoVereinsbank.
Commerzbank shares rose following a report that UniCredit stands ready to make a rival bid for the bank if merger talks with fellow German lender Deutsche Bank fail.
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Source: CNBC.com
Italy reportedly to slash growth forecast to 0.1%
April 4, 2019--The Italian Treasury is set to slash its growth forecast for this year and raise its projected budget deficit, according to two senior officials with knowledge of the draft outlook.
The economy will expand by just 0.1 percent this year, according to the draft, which is due for cabinet approval by April 10, the officials said. The government's previous forecast was for a 1 percent expansion and the new prediction is in line with Bloomberg’s latest survey of economists.
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Source: Bloomberg
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