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Monday Morning Memo: European Fund-Flow Trends, December 2018
January 28, 2019--After unexpectedly high outflows in October and November, European investors pulled further away from long-term mutual funds in December as the market environment and general sentiment remained negative. As a consequence, December was the eighth month in a row posting net outflows from long-term mutual funds after 16 consecutive months showing net inflows.
Real estate funds (+€0.5 bn) was the only asset type in the segment of long-term mutual funds with net inflows for December, while all the other asset types witnessed net outflows: bond funds (-€25.9 bn), equity funds (-€18.7 bn), alternative UCITS funds (-€12.2 bn), mixed-asset funds (-€8.7 bn), ”other” funds (-€0.5 bn), and commodity funds (-€0.1 bn).
These fund flows added up to overall net outflows of €65.6 bn from long-term investment funds for December. ETFs contributed inflows of €2.2 bn to these flows.
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Source: Detlef Glow, Head of EMEA Research, Lipper
IMF Working Paper-Reform Options for Mature Defined Benefit Pension Plans: The Case of the Netherlands
January 25, 2019--The Netherlands has been operating fully funded, defined benefit second pillar pension schemes that have consistently ranked high worldwide for delivering high replacement rates while featuring strong solidarity among members.
Yet the long-term sustainability of the Dutch pension funds has been undermined in recent years by protracted low interest rates and unfavorable demographic developments, exacerbating controversies over intergenerational transfer mechanisms within the plans. This has prompted a national debate over ways to move toward more individualization while preserving financial security at retirement for all. This paper draws on this experience, illustrated by stress testing simulations and assessed vis-à-vis solutions implemented in peer countries, to discuss the main policy trade-offs associated with the reform of mature pension systems in advanced economies.
ETFGI reports ETFs and ETPs listed in Europe gather net inflows of 3.93 billion US dollars during December 2018
January 25, 2019--ETFGI, a leading independent research and consultancy firm covering trends in the global ETF/ETP ecosystem, reported today that ETFs and ETPs listed in Europe gathered net inflows of US$3.93 billion during December, bringing 2018 net inflows to US$56.72 billion.
Assets invested in the European ETF/ETP industry finished the month down 3.22%, from US$794 billion at the end of November, to US$768 billion, according to ETFGI's December 2018 European ETF and ETP industry landscape insights report, an annual paid-for research subscription service. (All dollar values in USD unless otherwise noted.)
Highlights
December 2018 marked the 51st consecutive month of net inflows.
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Source: ETFGI
LSE ETP December 2018 Monthly Report
January 25, 2019--Listings
12 new ETFs were listed in December 2018, bringing a total of 323 new ETP listings in 2018-all time record.
There are now 1,161 ETFs (available as 1,689 lines through multi-currency offerings) and 461 ETCs/ETNs (available as 554 lines) on our London market.
Wisdomtree launched the Wisdomtree AI UCITS ETF ACC (USD) which aims to seeks to track the NASDAQ CTA Artificial Intelligence Index.
First Trust Global plc launched the First Trust Cloud Computing UCITS ETF. The fund seeks investment results that correspond generally to the price and yield (before the Fund's fees and expenses) of an index called the ISE Cloud ComputingTM Index.
iShares launched the MSCI Emerging Markets Value ETF (USD). The Fund aims to track the performance of an index composed of large-and mid-capitalization stocks from emerging markets, which demonstrate high value characteristics: comparing the price of equity to estimated future earnings; the price of equity relative to book value; and enterprise value of a company relative to its operating cash flow.
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Source: London Stock Exchange Group
Investors grapple with Europe's darkening economy
January 24, 2019--Slowing data could weigh on euro but offers hope for bonds
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Source: FT.com
European Authorities remain mostly blind when it comes to the Past Performance and Costs of Long-term Savings Products, despite first reports ever released
January 24, 2019--Long-term retail savings are the only EU consumer products for which consumers and Public Supervisors not only don't have a clue as to their future performance, but they don't even know what their past performance has been.
On 10 January 2019, following a 2015 request by BETTER FINANCE, the European Supervisory Authorities (ESAs) finally released reports on costs and past performance of long-term and pension savings products sold or marketed in the EU. BETTER FINANCE welcomes this first step in the right direction and sympathises with some of the challenges encountered by the ESAs concerning data availability. However, the reports fall short of meeting their objective and of fulfilling the European Commission's request. This situation raises questions about the fulfilment of the investor and consumer protection mandate of the European Authorities.
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Source: Better Finance
Lyxor-2018 ETF flows analysis and expectations for 2019
January 23, 2019--Last year proved challenging for investors, bookended as it was by an early market "melt-up" and an even more dramatic late meltdown. It began and ended in chaos amid mounting economic and political uncertainty on both sides of the Atlantic. Nearly all asset classes closed in negative territory.
Unsurprisingly, worldwide ETF flows were well down from their 2017 records. Active managers suffered even more however. Consequently, passive flows were massively above those of their active peers. In fact, ETF flows were in line with their long-term averages, and their role in portfolios has continued to expand. Investors are increasingly convinced that the pursuit of investment success demands they dedicate as much time to choosing between investment vehicles as they do to choosing between asset classes.
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Source: Lyxor
Lyxor launches eurozone government bond ETF
January 23, 2019--Lyxor launches eurozone government bond ETF. French asset manager Lyxor has launched a eurozone government ETF to complete its range of passive funds.
The FTSE benchmark measures the performance of the largest and most widely-traded securities in the euro bond market.
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Source: citywireselector.com
PGGM is the first pension fund manager to centrally clear repos at Eurex
January 22, 2019--January 22, 2019--With this direct clearing connection, Eurex addresses repo market liquidity concerns as well as the regulatory-driven challenges of asset owners, in particular pension funds. The European Markets Infrastructure Regulation (EMIR) requires over-the-counter derivatives to be cleared through central clearing counterparties.
Pension funds have been exempted as the requirement of CCPs to post Variation Margin in cash might pose liquidity challenges. Using Eurex Repo’s centrally cleared, liquid repo markets, PGGM,s clients can trade with more than 140 Eurex participants including commercial banks, central banks, government financing agencies or supranationals.
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Source: Eurex
European ETF trading increasingly automated as Mifid II takes hold
January 21, 2019--Transparency rules are eating away at the traditional phone-based trade.
Europe's Mifid II rules are inexorably reshaping its fragmented market for exchange-traded products-and humans are being phased out.
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Source: FT.com
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