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EU probe into asset managers uncovers potential mis-selling
February 2, 2016--Nearly a sixth of equity funds in Europe have potentially been mis-sold to investors, according to the European markets watchdog, raising the prospect of costly legal action and fines against some of the world's largest asset managers.
The European Securities and Markets Authority began an investigation of the asset management industry in 2014 after several investor rights groups complained that funds were charging high fees for active management but simply mimicking an index.
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Source: FT.com
ESMA updates on supervisory work on closet index tracking
February 2, 2016--The European Securities and Markets Authority (ESMA) has published a Statement providing details of its work on closet index tracking funds.
Closet indexing, also known as index hugging, refers to the practice of fund managers claiming to manage portfolios actively when in reality the fund stays close to a benchmark.
ESMA is concerned the practice may harm investors as they are not receiving the service or risk/return profile they expect based on the fund's disclosure documents while potentially paying higher fees compared to those typically charged for passive management.
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Source: ESMA
Fund managers-stop charging investors extra for research
February 2, 2016--Brokers' equities reports are 'valueless' and savers shouldn't pay extra, says Daniel Godfrey
The Financial Conduct Authority reckoned £1.5bn of investors' money-over and above charges that savers had agreed to pay to investment managers-was spent on investment research in this way by UK investment managers in 2012 alone. Yet where is this expenditure disclosed to investors?
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Source: FT.com
UBS AM unveils sterling hedged alternative beta ETF range
For US and eurozone equities
February 2, 2016--UBS Asset Management has listed eight alternative beta ETFs with built-in currency hedging on the London Stock Exchange.
The new products will offer sterling-hedged exposure to systematic factor strategies such as low volatility, value, quality and yield factor tilts in US and eurozone equities
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Source: investmentweek.co.uk
Turnover at Deutsche Borse's cash markets at 133.7 billion euros in January
February 1, 2016--Order book turnover on Xetra, Börse Frankfurt and Tradegate Exchange across all asset classes stood at €133.7 billion in January (January 2015: €148.5 billion).
Of the €133.7 billion, €123.4 billion were attributable to Xetra (January 2015: €135.0 billion). The average daily turnover on Xetra stood at €6.2 billion in January (January 2015: €6.4 billion). A turnover of €4.1 billion was attributable to Börse Frankfurt (January 2015: €5.8 billion). Order book turnover on Tradegate Exchange* totalled approximately €6.2 billion in January (January 2015: €7.7 billion).
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Source: Deutsche Börse
Amundi launches European equities multi smart beta ETF
January 29, 2016--Amundi ETF has launched a multi smart beta ETF offering exposure to European equities.
The ETF tracks the Scientific Beta Extended Developed Europe Multi-Beta Multi-Strategy ERC strategy index as closely as possible, whether the trend is increasing or decreasing, and will soon be listed on Euronext.
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Source: www.investmenteurope.net
ESMA updates CRR standard on main indices and recognised exchanges
January 29, 2016--The European Securities and Markets Authority (ESMA) has its Implementing Regulatory Standard (ITS) on main indices and recognised exchanges under the Capital Requirements Regulation (CRR).
In order to introduce updates to the ITS, ESMA has issued today an opinion detailing the proposed changes which it has sent for endorsement to the European Commission. The CRR requires the ESMA to define main indices and recognised exchanges as these are used in the specification of eligible collateral which in turn is important for the calculation of credit risk by the credit institutions and investment firms to which the CRR applies.
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Source: ESMA
ESAs submit a joint letter to the European Commission on cross-selling of financial products in the EU
January 29, 2016--The Chairpersons of the three European Supervisory Authorities (ESAs)-EBA, EIOPA and ESMA-sent a joint letter on cross-selling of financial products to Jonathan Hill, the European Commissioner for Financial Stability, Financial Services and Capital Markets Union.
In this letter the ESAs raise their concerns about inconsistencies in the existing EU legislation that impact regulation of the cross-selling of financial products in the banking, insurance and investment sectors.
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Source: ESMA
Monetary developments in the euro area: December 2015
January 29, 2016--The annual growth rate of the broad monetary aggregate M3 decreased to 4.7% in December 2015, from
5.0% in November.
The annual growth rate of the narrower aggregate M1, which includes currency in circulation and
overnight deposits, decreased to 10.7% in December, from 11.1% in November.
The annual growth rate of loans to households stood at 1.4% in December, unchanged from the previous
period.
The annual growth rate of loans to non-financial corporations decreased to 0.3% in December, from 0.7% in November.
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Source: ECB
Euro area economic and financial developments by institutional sector: 3rd Quarter 2015
January 28, 2016--Euro area saving grew faster than non-financial investments. Net non-financial investment
remained at broadly unchanged and positive levels for corporations and for households, and remained at broadly unchanged negative levels for government.
As a result, euro area net
lending to the rest of the world increased further.
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Source: ECB
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