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European Fund-Flow Trends: May 2018-A grim month for long-term mutual funds
June 25, 2018--European investors pulled back from long-term mutual funds as the market environment and the general sentiment turned negative. As a consequence, May was the first month posting net outflows from long-term mutual funds after 16 consecutive months showing net inflows.
That said, European fund promoters still enjoyed net inflows into mixed-asset funds (+€2.5 bn), followed by commodity funds (+€1.4 bn) and alternative UCITS funds (+€1.4 bn) as well as real estate funds (+€0.4 bn), while net flows to “other” funds (-€0.8 bn), equity funds (-€7.4 bn) and bond funds (-€15.9 bn) were negative.
These fund flows added up to overall net outflows of €18.5 bn into long-term investment funds for May. ETFs contributed €1.6 bn to these flows.
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Source: Detlef Glow, Thomson Reuters
Invesco launches European bond ETF
June 25, 2018--Invesco has launched a fixed income ETF giving access to debt issued by European banks.
The fund will track the performance of additional tier one (AT1) capital bonds issued by European banks.
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Source: FTadviser.com
ESMA clarifies CCPs' liquidity risk assessment under EMIR
June 22, 2018--The European Securities and Markets Authority (ESMA) has published today an opinion which sets out how central counterparties (CCPs) in the EU should consider in their internal risk models the liquidity risk posed by all entities towards which the CCP has a liquidity exposure, such as liquidity providers.
The opinion, published under the European Markets Infrastructure Regulation (EMIR), outlines how CCPs should assess liquidity risk, and by so doing promotes convergent risk management practices and risk control across EU.
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Source: ESMA
People-Trading Places: Vanguard, Credit Suisse, Russell and more...
June 22, 2018--Comings and goings in the City and beyond in the week of June 18
Vanguard hires Italy head Asset manager Vanguard has appointed Simone Rosti as head of Italy.
In this newly created position, Rosti will be based in London. He joins from UBS Asset Management where he was head of passive and ETF sales for Europe.
Credit Suisse hires from Deutsche Bank Swiss bank Credit Suisse has hired Anders Mattsson as managing director and head of northern and western Europe.
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Source: fnlondon.com
IMF Euro Area: Staff Concluding Statement of the 2018 Article IV Mission
June 21, 2018--The euro area expansion, while still vigorous, is slowing to a more moderate pace. But global and domestic risks are rising, including escalating trade tensions, policy complacency among member states, and political shocks. Rebuilding fiscal buffers and addressing structural issues to improve resilience and build support for euro area reforms is now even more urgent.
At the same time, completing the banking union and advancing the capital markets union is necessary to foster greater private sector risk sharing. And adding a central fiscal capacity would strengthen the currency union's ability to cope with shocks. Architecture reforms should go hand-in-hand with further efforts to reduce both fiscal and financial sector risks.
Euro area growth appears to be leveling off from the very high levels of late last year. Growth is projected to remain above potential in 2018 and the output gap is expected to close. However, underlying inflation remains subdued. And despite declining unemployment, wage growth has remained muted.
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Source: IMF
New ETN issuer Societe Generale: Shares with bottom-up approach, market leadership or a focus on ageing population
June 21, 2018--The exchange traded notes issued by Société Générale have been tradable on Xetra and Börse Frankfurt for the first time. The product range comprises three ETNs to start with.
The "SG Tracker on SGIXCEOV Index" enables investors to participate in the performance of European shares that are selected using a bottom-up approach. The index comprises underperforming companies that, however, have strong recovery potential thanks to solid corporate governance principles. The ETN is based on the SGI CEO Value Index.
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Source: Deutsche Börse Cash Market
First Trust Global launches internet ETF
June 21, 2018--TER of 0.55%
First Trust Global Portfolios has launched an internet ETF, providing investors with exposure to a basket of 40 internet-related stocks.
The First Trust Dow Jones Internet UCITS ETF tracks the Dow Jones Internet Composite index and has a total expense ratio (TER) of 0.55%.
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Source: professionaladviser.com
Official Statistics: Forecasts for the UK economy: June 2018
June 20, 2018--Forecasts for the UK economy is a monthly comparison of independent forecasts.
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Source: HM Treasury
Millions at financial risk over Brexit contract issue, warns TheCityUK
June 20, 2018--The personal finances of tens of millions of people are at risk because of the failure to secure cross-border contracts after Brexit, a new report has warned.
Some 36m people, and the financial stability of the UK and EEA region, are facing a "looming crisis" if the UK and EU fail to agree a solution in the next few months.
Pensions, insurance policies and business contracts are affected, as well as up to £26 trillion of outstanding uncleared derivatives contracts.
Although firms are acting urgently, a paper published by TheCityUK claims that without regulatory support it is "highly unlikely" this will be adequate to fully address the problem in the time that remains.
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Source: cityam.com
Franklin Templeton passive build-out continues with two bond ETFs
June 20, 2018--Franklin Templeton Investments has bolstered its ETF range with the launch of two actively-managed fixed income ETFs.
The Franklin Liberty Euro Short Maturity Ucits ETF and the Franklin Liberty USD Investment Grade Corporate Bond Ucits ETF have been added to the firm's LibertyShares Ucits ETF range in Europe.
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Source: citywireselector.com
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