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Thomson Reuters-Monday Morning Memo: European Investors Show Increased Appetite for Risk in January 2018
February 26, 2018--Despite some disruptions in fund distribution coming from the introduction of MiFID II on January 8, 2018, January was the thirteenth consecutive month showing a positive picture for long-term mutual funds.
European fund promoters enjoyed net inflows into equity funds (+€30.2 bn), followed by mixed-asset funds (+€14.0 bn), bond funds (+€10.5 bn), and alternative UCITS funds (+€4.2 bn) as well as real estate funds (+€0.7 bn) and commodity funds (-€0.5 bn).
Meanwhile, "other" funds (-€1.3 bn) faced net outflows.
These fund flows added up to overall net inflows of €58.7 bn into long-term investment funds for January. ETFs contributed €12.5 bn to these inflows.
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Source: Thomson Reuters
Deutsche Bank confirms 2bn Euro asset management IPO
February 26, 2018--Deutsche Bank has confirmed plans to list its asset management division DWS on the Frankfurt Stock Exchange for €2bn (£1.76bn, $2.45bn).
Germany's biggest bank said it would be selling its shares "in the earliest available window", subject to market conditions.
The float is expected to be funded entirely by the sale of existing shares held indirectly by Deutsche Bank.
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Source: international-adviser.com
ETFs from Franklin Templeton new at SIX
February 26, 2018--The ETF segment of SIX Swiss Exchange extends its product offering. Today, SIX welcomes Franklin Templeton as a new ETF issuer.
Franklin Templeton accesses the Swiss market as ETF issuer with five smart beta ETFs for which Susquehanna is acting as a market maker and providing the liquidity. The five smart beta ETFs newly tradable as of today. They provide investors additional opportunities to diversify their portfolio with European as well as American and global underlyings. With this, SIX Swiss Exchange offers 1'321 ETFs from 23 different issuers for trading.
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Source: SIX Swiss Exchange
Brokers and managers grapple with Mifid 'inducement' rule
February 24, 2018--Under the new rules, only fund managers that specifically pay for research should have access to it. This was introduced to restrict inducements, where brokers offer research for free as a ploy to attract managers to trade with them.
But when Purplebricks quoted the Jefferies note in its rebuttal, it made its...
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Source: FT.com
UK MPs are launching an inquiry into bitcoin and blockchain
February 23, 2018--The Treasury select committee will consider how to regulate bitcoin and other cryptocurrencies
The UK Treasury select committee is launching an inquiry into cryptocurrencies like bitcoin, and its underlying technology blockchain, it announced yesterday.
The probe will look at the benefits and risks associated with cryptocurrencies, as well as considering how the new technology should be regulated.
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Source: standard.co.uk
S&P upgrades Russia, lifting it out of junk territory
February 23, 2018--S&P Global Ratings on Friday raised its sovereign credit rating for Russia by one notch pushing it into investment-grade territory.
The rating agency attributed the hoped-for upgrade to the country's "prudent policy response" that has put its economy on more stable footing in the face of lower commodity...
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Source: FT.com
Official Statistics: Database of forecasts for the UK economy
February 23, 2018--Each month HM Treasury publishes independent forecasts of key economic and fiscal indicators for the UK economy. Forecasts before 2010 are hosted by The National Archives.
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Source: HM Treasury
Fidelity backtracks on research costs to avoid 'disproportionate consequences' for clients
February 22, 2018--Announced last October would be passing on to clients
Fidelity International has joined the majority of its asset manager peers in deciding to absorb external research costs, instead of passing them onto clients, reversing plans it made last year.
This will apply across all of its products, retail, wholesale and institutional investors and geographical location.
The firm said the reason for the change was because it did not want its clients to face "disproportionate operational and reporting consequences".
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Source: investmentweek.co.uk
ECB-Account of the monetary policy meeting
February 22, 2018--Account of the monetary policy meeting of the Governing Council of the European Central Bank, held in Frankfurt am Main on Wednesday and Thursday, 24-25 January 2018
1. Review of financial, economic and monetary developments and policy options
Financial market developments
Mr Cœuré reviewed the latest financial market developments.
Since the Governing Council's monetary policy meeting on 13-14 December 2017, the German and the US government bond yield curves had steepened, led by long-term bond yields, after the flattening observed previously.
Both real and nominal forces seemed to have contributed to an increase in the term premium, which likely reflected, in part, changes in the expected global supply of and demand for safe bonds, as well as investors' cautious reappraisal of the risks surrounding the medium-term inflation outlook.
At the same time, inflation risk premia both in the United States and in the euro area remained in, or close to, negative territory. The marked and persistent rise in oil prices and the strong economic backdrop might have contributed to the recent repricing of inflation risk premia at the global level.
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Source: ECB
Da Vinci Capital enters European ETF business with platform and two Russia funds
February 22, 2018--One equity and one bond fund
Emerging markets specialist Da Vinci Capital Management has entered the European ETF market with the launch of ETF platform ITI Funds and two Russia funds listed on the Irish Stock Exchange (ISE).
The firm said the ETF platform launch was an extension of its skills it already has in place in emerging markets, and the two ETFs are the first in a number of ETF funds it plans to launch investing in emerging markets.
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Source: investmentweek.co.uk
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