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Monday Morning Memo: Review of the European ETF Market, November 2015
December 14, 2015-- The assets under management in the European exchange-traded fund (ETF) industry increased from €444.3 bn to €457.4 bn during November. This increase of €13.1 bn was driven mainly by the performance of the underlying markets (+€10.0 bn), while net sales contributed €3.1 bn to the overall assets under management in the ETF segment.
With regard to the overall number of products, it was not surprising that equity funds (€334.8 bn) held the majority of the assets, followed by bond funds (€105.6 bn), commodity products (€13.1 bn), "other" funds (€6.4 bn), alternative UCITS products (€0.6 bn), mixed-asset products (€0.4 bn), and real estate funds (€0.03 bn).
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Source: Thomson Reuters Lipper
EBA issues recommendations for sound prudential regime for investment firms
December 14, 2015--The European Banking Authority (EBA) published today its report in response to the European Commission's call for advice on the suitability of certain aspects of the prudential regime for investment firms.
This report, done in consultation with the European Securities Market Authority (ESMA), presents the EBA's findings and lists a series of recommendations aiming to provide a more proportionate and less complex prudential regime for investment firms, based on appropriate risk sensitivity parameters.
view Report on Investment firms-response to the Commission's call for advice as of December 2014
Source: European Banking Authority (EBA)
EU rules demand transparent research fees
December 14, 2015--Asset managers will be forced to be transparent about how much of a client's money goes on buying broker research, under tough new European Union standards aimed at tackling conflicts of interest.
Draft plans from Brussels, seen by the Financial Times, would require asset managers to separate out how much they spend on research into companies from their fees for executing share trades.
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Source: FT.com
ESMA-Report on investment firms
December 14, 2015--The European Securities and Market Authority (ESMA) has cooperated with the European Banking Authority (EBA) in the development of an EBA report on investment firms.
This report is issued in response to a call for advice by the European Commission on the prudential requirements applicable to investment firms addressed to EBA in December 2014.
view the Report on investment firms
Source: ESMA
Irish regulator launches fund fee probe
December 13, 2015--The largest ever investigation in Europe into the fees asset managers charge investors will begin next year amid widespread accusations of overcharging within the fund management industry.
The financial watchdog in Ireland, which oversees more than 6,000 funds, including 3,725 mutual funds, is to examine whether the investment products offer "value for money".
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Source: FT.com
IMF-United Kingdom-2015 Article IV Consultation Concluding Statement of the Mission
December 11, 2015--Outlook and Risks
1. The UK's recent economic performance has been strong, and considerable progress has been achieved in addressing underlying vulnerabilities. Growth has exceeded that of the other major advanced economies, the unemployment rate has fallen substantially, employment has reached an historic high, the fiscal deficit has been reduced, and financial sector resilience has increased.
2. Steady growth looks likely to continue over the next few years, and inflation should gradually return to target. After a period of robust private domestic demand-driven growth, matched by steady increases in employment, the economy now looks to be running near capacity. Investment has contributed to domestic demand growth, and recent increases in productivity give cause for cautious optimism about growth in real incomes. As labor market slack is used up, the mission expects growth to slow slightly in 2016 and to average around 2¼ percent over the medium term. Inflation is expected to revert to target gradually, as effects from commodity price falls and sterling appreciation dissipate and wages increase.
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Source: IMF
Winthrop-Investment Perspective - Eurozone 2016 Economic & Capital Market Outlook
December 11, 2015--Six years after the financial crisis, the Eurozone continues to face major challenges in restoring economic growth. Our
investment thesis has been that the structural problems facing the European Union are real impediments to sustained
economic growth and until they are addressed, sustained growth is elusive.
While that does not mean that there are
not investment opportunities in Europe, it does mean that as one of three major capital markets in the world, investors need to be careful. For 2016 we expect lower oil prices and quantitative easing will help support GDP growth. In spite of the improvement in our near term outlook, we expect economic growth will still be limited to 1.5% on average through 2018.
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Source: Winthrop Capital Management
Draft implementing technical standards under MiFID II
December 11, 2015--Summary
The European Securities and Markets Authority (ESMA) is required by Directive 2014/65/EU and Regulation (EU) No 600/2014 (MiFID II and MiFIR) to develop a multitude of Regulatory Technical Standards (RTS) and Implementing Technical Standards (ITS).
With this report ESMA publishes its final proposals for a total of 8 draft technical standards.
view the Final Report
Draft implementing technical standards under MiFID II
Source: ESMA
Counting the cost of EU regulation for commodity firms
December 11, 2015--European officials may back a one-year delay to January 2018 for introducing landmark reform of EU financial markets.
The European Commission said a delay is needed as regulators are not ready for an original January 2017 start for the Markets in Financial Instruments Directive (MiFID II).
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Source: Reuters
Vanguard moves into smart beta with actively managed factor ETFs
December 10, 2015--Vanguard, the world's second largest exchange-traded fund provider, has expanded its low-cost ETF range with the launch of its first active ETFs on the London Stock Exchange.
The funds are designed to provide broad, globally diversified equity exposure with tilts to investment factors including value, momentum, volatility and liquidity.
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Source: etfstrategy.co.uk