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Source bulking up for iShares challenge
March 20, 2014--Source, the exchange traded fund provider, has rented an additional floor of its London office as it makes an ambitious bid to challenge iShares in Europe.
The firm, in which private equity firm Warburg Pincus is completing the purchase of a majority stake, is expanding its office space as it plans several new London hires.
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Source: FT.com
HSBC scraps ETF stock lending
March 19, 2014--HSBC Global Asset Management has axed its securities lending programme for its physically replicated exchange traded funds.
The UK fund house stopped lending out stock on its 26 physical ETFs in December but did not publicly announce the move.
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Source: FT.com
HK's E Fund to list China stock fund in London
March 18, 2014--E Fund Management (Hong Kong) has listed Hong Kong's second bond exchange traded fund under China's offshore renminbi scheme while preparing to launch a China A-shares ETF in London as early as end-March.
The listing last week of the E Fund Citi Chinese Government Bond 5-10 Years Index ETF follows the February launch of the CSOP China 5-Year Treasury Bond ETF, the first bond ETF created through the renminbi qualified foreign institutional investor, or RQFII, scheme.
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Source: FT.com
Borsa Italiana-ETFstat February 2014
March 17, 2014--The Borsa Italiana-ETFstat February 2014 is now available.
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Source: Borsa Italiana
EDHEC-Risk Institute survey documents unmet institutional investor requirements for transparency of indices
March 17, 2014--Between August and November 2013, EDHEC-Risk Institute surveyed 109 institutional investors from across Europe, including Europe's largest pension and reserve funds, insurance and provident institutions and their asset management subsidiaries, to document their expectations and requirements with respect to index transparency and take stock of their perceptions of, and the extent of their support for, the main directions of the ongoing regulatory debate on indexing and financial benchmarks.
Among the key conclusions of the resulting study, "Index Transparency- A Survey of European Investors"Perceptions, Needs and Expectations":
Investors consider the provision of index transparency to be logical and indispensable. An overwhelming majority of respondents (85.2%) identify transparency as the best mitigator of conflicts of interest and only 12% view good index governance as sufficient to deal with these conflicts.
view the EDHEC Publication Index Transparency-A Survey of European Investors' Perceptions, Needs and Expectations
Source: EDHEC-Risk Institute
UCITS sales rise sharply while equity inflows fall
March 13, 2014--Net sales of UCITS rose sharply in January, but net inflows from equity funds suffered a loss.
According to figures released today, inflows from UCITS reached €71bn, a significant jump from €14bn in December.
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Source: International Adviser
Global AUM in Short & Leveraged ETPs at record $61bn as investors shun equities and buy bonds
March 13, 2014--The AUM of short & leveraged (S&L) ETPs reached a record $61.3 billion at the end of February 2014, a 3.7% rise from January and 6% rise YTD
S&L investors globally repositioned themselves bullishly in bonds and bearishly in equities. February saw record flows into long US debt ETPs, at $2.9 billion, which were countered by flows of $3.8 billion out of long equity ETPs
Europe saw short positions in German equity ETPs and bullish flows to broad European indices continued. In contrast, Italy, France and Sweden saw bearish flows, into short ETPs and out of long ETPs
S&L investors continue to be bullish on Japanese equities, with inflows of $451 million into long Japanese equity ETPs and global AUM in Japanese S&L ETPs is at a record $3.7 billion, of which 90% is in long leveraged ETPs
Natural gas has the strongest flows in ETCs for the 2nd month running, as S&L investors bought $311 million of natural gas ETCs, most of which was in short ETCs
AUM and trading volumes in BOOST ETPs also continue to reach new records as AUM has risen 83% this year. BOOST ETP experienced $23 million of inflows in February, the largest since Boost launched its first ETPs in December 2012
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Source: Boost
DB-Synthetic Equity & Index Strategy-Europe-ETF Research-Europe Monthly ETF Market Review-3.3bn euro into DM Equities Amidst Positive Macro Outlook
March 13, 2014--European ETP Highlights
Global equity markets registered a strong February, especially in Developed Markets (DM), recovering losses from January. Equities in Developed Europe saw the most robust performance where MSCI Europe was up over 7%, driven by improving PMI data, upbeat corporate commentary and expectations of improving credit. The ETF flows observed for February was mostly in-line with market performance except for Emerging Markets (EM) which continued to see outflows despite having a positive monthly performance.
Developed Markets over Emerging Markets continues to play out
In February 2014, global ETPs had a significant turnaround raising total assets to a new high of $2.3 trillion, a 2% increase YTD.
European domiciled ETPs had inflows of +€4.9bn during this period, where ETPs with equity exposure commanded almost 60% of inflows. Having analysed these flows in further detail, we found that DM equities experienced +€3.3bn of inflows while EM equities saw c.-€400mn of outflows which is inline with our strategists preference for DM over EM.
The benefactors within DM equities - Europe
European domiciled ETPs with European equities exposure received +€1.9bn of inflows while exposure to US saw +€0.8bn of inflows. This again supports our Equity View where we are constructive on Europe with a year-end STOXX Europe 600 target of 375..
Southern Europe on the Up
ETFs with exposure to Southern Europe continued to see net inflows since the region saw a sharp turn in PMIs in October 2013. European listed ETFs tracking equities in Spain, Italy, Greece and Portugal experienced average monthly net inflows of over +€300mn since October 2013. This compares to a monthly average of just under +€70mn from Jan 2013 to Oct 2013.
Large flows into Fixed Income ETFs
Investors trading European listed instruments exercised caution by channelling +€1.9bn into fixed income assets amidst weak data coming out of China. An Emerging Markets Bond ETF (SEMB LN) was the biggest benefactor of this inflow.
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Source: Deutsche Bank-Synthetic Equity & Index Strategy-Europe
Newly launched STOXX Europe Low Beta High Div 50 Index licensed to Deutsche Bank
March 13, 2014--STOXX Limited, a leading provider of innovative, tradable and global index concepts, today introduced that the newly launched STOXX Europe Low Beta High Div 50 Index has been licensed to Deutsche Bank to be used as the basis for structured products. The index selects the 50 stocks with the lowest beta out of the members of the STOXX Europe 600 Index with a dividend yield which is higher than the EURO STOXX 50 Index's dividend yield.
It is the first index of its kind, and is designed to act as an underlying to structured products and other investable products, such as exchange-traded funds.
"The STOXX Europe Low Beta High Div 50 Index creates a hybrid portfolio of high dividend and low risk investment strategies based on Europe’s two most favored benchmarks," said Hartmut Graf, chief executive officer, STOXX Limited. "The innovative and transparent concept, combines screens based on the composition of the underlying STOXX Europe 600 Index with thresholds derived from the fundamental values of the EURO STOXX 50 Index."
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Source: STOXX
Euro area securities issues statistics
March 12, 2014--The annual rate of change of the outstanding amount of debt securities issued by euro area
residents was -0.5% in January 2014, compared with -1.1% in December 2013.
For the outstanding amount of quoted shares issued by euro area residents, the annual growth rate was
1.3% in January 2014, the same as in December 2013.
New issuance of debt securities by euro area residents totalled EUR 890 billion in January 2014.
Redemptions stood at EUR 811 billion and net issues amounted to EUR 97 billion.1 The annual rate of change of outstanding debt securities issued by euro area residents was -0.5% in January 2014, compared with -1.1% in December 2013/
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Source: ECB
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