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Thomson Reuters-Monday Morning Memo: How to be successful at fund distribution
June 11, 2018--When a fund selector or investor searches for a fund to fit the needs of a given portfolio, he or she will analyze a specific fund universe with risk and performance measures to see which funds are suitable.
Immediately after this analysis (in some cases even before) the analyst will investigate the assets under management (AUM) to see if a particular fund is large enough to absorb the planned investment amount. In a number of cases it will turn out that even funds with superior performance are quite small in AUM (i.e., the AUM may be below 50 million euros), which might constrain the investor from making an investment, assuming the fund will not be able to digest the investment. In some cases investors are also tied to guidelines that do not allow them to invest above a given percentage of the AUM of a single fund. This leads fund promoters to a hen-or-egg problem, since in general they would like to manage larger funds. But, large investors might not buy small funds, even when these funds have a superior track record.
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Source: Detlef Glow, Thomson Reuters
Argo plans London's first cryptocurrency listing
June 8, 2018--Entrepreneur Jonathan Bixby seeks to 'democratise' crypto-mining process
A company with zero revenues, a handful of staff and Canadian roots plans to become the first cryptocurrency group to list on the London Stock Exchange, seeking to cash in on surging demand for new virtual currencies.
Argo, which won approval to go public from the UK Listing Authority two weeks ago, wants to "democratise" the crypto-mining process by which new virtual coins are created by renting out its specialist computing capacity for a monthly fee.
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Source: FT.com
CBI cuts forecast for UK economic growth as Brexit concerns linger
June 8, 2018--Growth rate expected to slow amid uncertainty over single market and customs union
Britain's leading employers' organisation, the Confederation of British Industry, has warned the UK economy will shift down a gear this year and risks remaining in the slow lane because of Brexit.
Cutting its growth forecasts for the year, owing to heavy snowfall in the opening months of 2018 and lingering fears over Brexit, the CBI said it expected the growth rate for the British economy to slow to 1.4%, from 1.8% last year.
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Source: theguardian.com
HANetf appoints ETF sales chief for Italy
June 7, 2018--HANetf has appointed Edoardo Passaretti to the newly-created role of sales director for exchange-traded funds (ETFs) in Italy.
In his role at the firm, which describes itself as Europe's first independent white label ETF platform, Passaretti will oversee the distribution of funds on the HANetf platform to institutions, asset managers, wealth managers, banks, advisors and intermediary platforms throughout Italy.
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Source: funds-europe.com
Goldman Sachs rehires Source founder to head up European ETF business
June 7, 2018--Peter Thompson spent almost 15 years at Goldman Sachs before founding Source ETF which was acquired by Invesco last year.
Goldman Sachs Asset Management had made a push in its exchange traded fund (ETF) business with the appointment of a new head of the division in Europe.
According to an internal memo seen by The TRADE, Peter Thompson has been hired as a managing director and head of Goldman Sachs Asset Management's European ETF business in London.
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Source: Thetradenews.com
JPMorgan makes six hires for European ETF business
June 7, 2018--JPMorgan Asset Management has bolstered its new European exchange traded funds business with six appointments, building out its footprint in several key markets outside the US.
The US bank-owned asset manager, which manages around $5bn in ETF assets globally, launched its European ETF business in March last year to take advantage of continued rapid growth in the ETF market-where it lags far behind rivals like BlackRock.
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Source: Financial News
London Stock Exchange's glitch: Just the latest high-profile outage to rile traders
June 7, 2018--Our technology has become so advanced that markets are never hit by glitches, right?
Not at all. The London Stock Exchange's one-hour delay to its open on Thursday is only the latest high-profile malfunction to rile up traders.
In Thursday's incident, the operator of the U.K.’s main bourse blamed a "technical software issue," which has now been resolved, for the opening auction’s delayed start at 9 a.m. London time, or 4 a.m. U.S. Eastern Time, rather than the usual 8 a.m.
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Source: marketwatch.com
Fintech start-up Revolut grabs 2 million users and plans to launch commission-free trading service
June 7, 2018--Revolut's trading platform "Wealth" will let users invest in a range of firms listed publicly in the U.K. and the U.S.
Revolut doubled its user count just months after it said it had passed the 1 million user mark in November 2017.
CEO Nikolay Storonsky said Revolut expects its main competition to come from tech giants like Apple, Amazon, Facebook and Google.
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Source: CNBC
New Lyxor multi-factor ETF launched on Xetra
June 7, 2018--ETF offers investors access to large and mid-cap companies around the world
A new exchange traded fund issued by Lyxor International Asset Management is tradable on Xetra and Börse Frankfurt as of Thursday.
The equity index ETF enables investors to participate in the performance of large and mid-cap companies from industrialised countries.
The benchmark index aims to offer absolute performance with low volatility and a low correlation with the broad spectrum of the equity market. The companies in the benchmark index are selected on the basis of six factors: size, value, momentum, low volatility, profitability and investment. The benchmark index also contains a short position on a broad capitalisation-weighted index in order to minimise the total beta of the equity market. The strategy includes leverage, which amplifies the up-ward and downward movements.
Name: Lyxor Scientific Beta Developed Long/Short UCITS ETF-EUR-Acc
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Source: Deutsche Börse Cash Market
ESMA 1Q18 RISK DASHBOARD SEES COMPLEX PRODUCTS AND VOLATILITY AS KEY RISKS
June 6, 2018--The European Securities and Markets Authority (ESMA) has issued today the latest iteration of its Risk Dashboard,covering risks in the EU's securities markets for 1Q2018. ESMA's overall risk assessment remains unchanged from 4Q17 at high levels.
Consumer risks posed by complex products key concern
ESMA remains concerned about risks posed to investors, which have been mounting across a range of products. Therefore, ESMA has, following its earlier risk alert on Initial Coin Offerings (ICOs), issued a pan-EU warning to consumers regarding the risks of buying Virtual Currencies. To protect investors from undue risk-taking, ESMA also brought in a temporary prohibition of Binary Options and leverage restrictions on Contracts for Difference (CFDs) using its new product intervention powers under the Market in Financial Instruments Regulation (MiFIR).
view the ESMA Risk Dashboard No. 2 2018
Source: ESMA
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