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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
Monday Morning Memo: 2018 was an outstanding year for ETFs in Europe
January 21, 2019--The year 2018 was an outstanding year for exchange-traded funds even though it was a tough year for the European fund industry overall. The return of volatility caused by uncertainties coming from a possible trade war between the USA and China, the ongoing Brexit discussions, and a possible return of the euro crisis after the forming of a government in Italy led European investors to reduce the risk in their portfolios.
The corresponding transactions led to overall outflows of -129.2 billion euro from mutual funds registered for sale in Europe over the course of 2018. In contrast to their actively managed peers (-171.4 billion euro), ETFs registered for sale in Europe enjoyed inflows of 42.2 billion euro and had another positive year.
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Source: Detlef Glow, Head of EMEA Research, Lipper
DWS boosts Xtrackers Core range with Europe ex-UK ETF
January 21, 2019--DWS has expanded its range of Core Xtrackers with the addition of an exchange-traded fund (ETF) providing exposure to Europe ex-UK equities.
The Xtrackers S&P Europe Ex UK Ucits ETF targets large and mid-cap exposure across developed markets in Europe, minus the UK, with the underlying index comprised of 379 companies (Source: DWS, S&P as of 18 January, 2019).
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Source: investmenteurope.net
Review of the European ETF Market, December 2018
January 18, 2019--The promoters of ETFs in Europe enjoyed net inflows for December. Nevertheless, the assets under management in the European ETF industry decreased as the inflows were not able to offset the negative performance of the underlying markets. In more detail, the assets under management in the European ETF industry decreased from €666.1 bn as of November 30, 2018, to €633.1 bn at the end of December.
The decrease of €33.0 bn for December was driven by the performance of the underlying markets (-€35.3 bn), while net sales contributed inflows of €2.3 bn to assets under management in the European ETF segment.
With regard to the overall number of products, it was not surprising that equity funds (€437.5 bn) held the majority of the assets, followed by bond funds (€166.4 bn), commodity products (€18.2 bn), “other” funds (€5.2 bn), money market funds (€4.5 bn), mixed asset funds (€1.0 bn), and alternative UCITS products (€0.4 bn).
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Source: Detlef Glow, Head of EMEA Research, Lipper
Vanguard moves into Italy with ETF range
January 18, 2019--The world's largest investment group, Vanguard, has announced its expansion into Italy by listing a range of 19 equity and fixed income ETFs on the Borsa Italiana.
Founded in 1975 as a pioneer of low cost investing for individuals, Vanguard currently has $5.1 trn (€4.5trn) in assets under management globally in both index and active strategies.
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Source: expertinvestoreurope.com
European AI platform launches with EUR 20m EU funding
January 17, 2019--The EU's AI4EU artificial intelligence project officially launched Thursday with a view to mobilising Europe's AI community to build the first European on-demand Artificial Intelligence (AI) platform.
AI4EU brings together 79 top research institutes, SMEs and large enterprises in 21 countries to build a focal point for artificial intelligence (AI) resources, including data repositories, computing power, tools and algorithms.
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Source: eubusiness.com
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