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European Commission: Consumer financial services: Commission study identifies remaining hurdles
April 24, 2018--The European Commission has today published a study on consumer financial services identifying obstacles that consumers continue to face in the EU when buying investment funds, investment-driven life insurance or private pension.
By pointing to the remaining impediments, the study illustrates the role of EU legislation, such as MIFID II, PRIIPS and the Insurance Distribution Directive, which have recently entered into application as of this year or will soon apply. Specifically, the study finds that while consumers have access to a large and diverse range of products, they face challenges in collecting and comparing information across the board. It also notes that costs for similar products continue to be very different across Member States. The wide-ranging study also shows that seeking advice from non-independent advisors, such as banks and insurers, remains the norm for the average European investor. Lastly, the study underlined that the potential for new distribution models based on FinTech is promising but must be monitored carefully.
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Source: European Commission
FLOW TRADERS REPORTS BEST QUARTERLY PERFORMANCE TO DATE, CONFIRMING THE BUSINESS MODEL
April 24, 2018--Flow Traders N.V. (Euronext: FLOW) today released its unaudited 1Q18 trading update. The highlights for the period are as follows:
Best quarterly trading results (NTI) to date, with strong performance across all regions;
NTI increased to €213.2 million in 1Q18, against €39.3 million in 4Q17 and €48.3 million in 1Q17;
Flow Traders' ETP Value Traded grew 49% Q-o-Q, while the Market ETP Value Traded grew
38% Q-o-Q, showing market share gains across all regions;
Fixed costs fell 2% Q-o-Q, as Flow Traders continued to operate cost-consciously;
EBITDA margin 1Q18 was 63% compared to 34% in 4Q17;
Net Profit grew to €109.7 million, resulting in an EPS of €2.36;
Under the CRR capital requirement regulation, Flow Traders' own funds requirement as at 31 March 2018 was €151 million, resulting in excess capital of €183 million;
Dividend policy remains unchanged, Flow Traders targets to pay out at least 50% of its net profit;
Flow Traders remains the leading market maker in ETPs in EMEA;
Flow Traders' FTEs grew 4% Q-o-Q to 411 as at 31 March 2018.
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Source: Flow Traders
Lyxor study: Active manager outperformance improves in 2017
April 24, 2018--44% outperformed up from 28%
The number of active managers in Europe beating their benchmarks in 2017 rose to 44%, an increase on the 28% recorded the previous year, according to data from Lyxor Asset Management.
The research, which studied over 6,000 funds across 23 different universes with assets under management totalling €1.4trn, found equity managers posted the the most robust results with 47% of managers outperforming in 2017 versus just 20% the previous year with quality and growth managers seeing the strongest performance.
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Source: investmentweek.co.uk
Thomson Reuters-Active Funds: Coming Out of the Blocks Slowly in 2018
April 23, 2018--Having recently enjoyed a feast of inspiring Commonwealth Games performances, I was prompted to check out how well active funds have come out of the blocks in 2018.
I'm on the record as saying 2018 could be a good year for active funds. Typically, late-cycle environments precede a rotation out of momentum-biased ETFs and the increasingly expensive large-cap stocks they invest in, providing fertile ground for active stock pickers.
No signs of passive vehicle flow slow down in 2018
There is no doubt that flows into passive funds in Europe and the U.K. have been buoyant over the last few years, with some evidence of reaching "peak passive" at the end of 2017.
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Source: Thomson Reuters
Thomson Reuters Monday Morning Memo: March 2018: European Investors Favor Equity Funds Despite Increased Volatility
April 23, 2018--European Fund-Flow Trends, March 2018
Even though the market environment turned negative, March was the fifteenth consecutive month showing a positive picture for long-term mutual fund flows. European fund promoters enjoyed net inflows into equity funds (+€3.4 bn), followed by mixed-asset funds (+€3.2 bn) and alternative UCITS funds (+€2.0 bn) as well as real estate funds (+€0.4 bn) and commodity funds (+€0.3 bn).
Meanwhile, bond funds (-€3.0 bn) and "other" funds (-€2.7 bn) faced net outflows.
These fund flows added up to overall net inflows of €3.5 bn into long-term investment funds for March. ETFs contributed €0.7 bn to these inflows.
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Source: Thomson Reuters
State Street completes migration of Irish-domiciled SPDR ETFs to Euroclear's ICSD model
April 23, 2018--Euroclear Bank today announced that State Street Global Advisors (SSGA), the asset management arm of State Street Corporation (STT) has now completed the migration of all of its SPDR Irish-domiciled Exchange-Traded Funds (ETFs) to Euroclear's ICSD model.
SSGA has transitioned the remaining 62 ETFs under the SSGA SPDR ETFs Europe I & II classification to Euroclear's International issuance structure or ICSD model. The related transactions will settle directly in the ICSD-Euroclear Bank.
The first tranche of SSGA's SPDR ETFs migrated into Euroclear's international issuance structure in December 2014.
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Source: Euroclear
Mifid II forces fund managers into sharp research cuts
April 22, 2018--European groups rein back on analysis produced by banks and brokers.
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Source: FT.com
Solactive and UBS launch pioneering World Bank & Development Bank Debt Indices
April 20, 2018--Solactive today issued the Solactive UBS Development Bank Bond Index Family, a new family of financial benchmarks targeting the World Bank and other high-grade development bank debt.
The family is the result of a partnership between Solactive and UBS and follows the launch of an increasing number of ESG strategies by the German index engineer.
This time, however, the Solactive UBS Development Bank Bond Index Family focuses on a field of sus-tainable investment that has not been widely explored before: that of development banks.
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Source: Solactive AG
Truss Edge launches in Europe
April 19, 2018--Truss Edge, a technology company that has been founded to support the day to day portfolio management and reporting tasks of hedge funds and ETFs, is launching in Europe this week.
Truss Edge combines a technology offering for fund managers who need a front to back portfolio management solution combined with a highly experienced team of fund professionals who understand vanilla and esoteric financial markets.
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Source: finextra.com
New PowerShares-ETF with access to US preferred shares launched on Xetra
April 19, 2018--A new exchange traded fund from the PowerShares Source product family has been tradable via Xetra and Börse Frankfurt since Thursday.
The bond index ETF enables investors to participate in the performance of US preferred shares. These are fixed-rate, hybrid capital instruments (preferred securities) denominated in US dollars and issued in the US domestic market. Such securities must have a minimum rating of B3 and an investment-grade country rating. This share class uses a hedging strategy to hedge the exchange rate risk between the US dollar and the euro.
Name: PowerShares Preferred Shares UCITS ETF EUR Hgd Dist
Asset class: bond index ETF
ISIN: IE00BDT8V027
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Source: Deutsche Börse Cash Markets