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Societe Generale details new management structure
September 2, 2013-- France's third-largest listed bank by assets Societe Generale Monday said its restructuring plan announced in February in a bid to cut costs and boost revenue is now operating.
MAIN FACTS:
The bank's new organization now comprises three divisions: the French Retail Banking division, a new international retail banking, financial services and insurance division and a new corporate & investment banking, private banking, asset management and securities services division.
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Source: MarketWatch
Turnover at Deutsche Boerse's cash markets at 84.6 billion euros in August
September 2, 2013--Order book turnover on Xetra, the Frankfurt Stock Exchange and Tradegate stood at €84.6 billion in August (August 2012:€86.6 billion).
Of the €84.6 billion, €76.8 billion were attributable to Xetra (August 2012: €79.4 billion). €4.0 billion were attributable to the Frankfurt Stock Exchange (August 2012: €4.4 billion). Order book turnover on Tradegate Exchange* totalled approximately €3.7 billion in August (August 2012: €2.7 billion).
In equities, turnover reached €74.0 billion on Deutsche Börse's cash markets (Xetra: €68.6 billion, Frankfurt Stock Exchange: €2.0 billion, Tradegate Exchange: €3.4 billion). Turnover in bonds was €0.9 billion, and in structured products €1.2 billion. Order book turnover in ETFs/ETCs/ETNs amounted to €8.3 billion.
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Source: Deutsche Börse
Allianz fund arm cuts 150 staff in strategic overhaul
September 1, 2013--Allianz Global Investors has reduced its staff by 150 after launching a strategic overhaul to streamline its business and win new assets. The reduction brings headcount to 1,650 employees.
The German fund house said it had decided to outsource a greater number of IT, middle and back-office roles. In some cases non-investment focused staff have relocated in Allianz Group, a spokesperson for the company said.
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Source: FT.com
JPMorgan axes nine more funds in Europe
August 30, 2013--JPMorgan Asset Management cut another nine of its funds in Europe today, taking its toll for the year to 25.
The US manager also plans to axe a further eight as yet unnamed funds within the next two months.
Shareholders in the nine funds were informed of the closures this morning.
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Source: FT.com
Eurostat-Flash estimate-August 2013-Euro area annual inflation down to 1.3%
August 30, 2013--Euro area1 annual inflation2 is expected to be 1.3% in August 2013, down from 1.6% in July3, according to a flash estimate4 from Eurostat, the statistical office of the European Union.
Looking at the main components of euro area inflation, food, alcohol & tobacco is expected to have the highest annual rate in August (3.3%, compared with 3.5% in July), followed by services (1.5%, compared with 1.4% in July), non-energy industrial goods (0.3%, compared with 0.4% in July), and energy (-0.4%, compared with 1.6% in July).
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Source: EUROPA
State Street research reveals appetite for UK securities
August 29, 2013--New research from SPDR ETFs, the exchange traded funds platform of State Street Global Advisors, reveals over two thirds (69.7%) of IFAs have a positive outlook on the UK economy, and just 2.4% have a negative view.
Out of the 166 independent financial advisors polled, 40% are planning to increase their clients' exposure to UK securities over the next six months, compared to only 2.5% who intend to reduce it.
In recent weeks, there has been positive news on the UK economy including growth in GDP, increasing business and consumer confidence and improving employment figures," says Eleanor Hope-Bell, head of UK SPDR ETFs. "Given this, plus the fact that investors are feeling increasingly positive towards UK PLC, we are not surprised we have seen inflows into our UK focused ETFs."
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Source: FTSE Global Markets
UCITS suffered sharp outflows in June
August 29, 2013--The European Fund and Asset Management Association (EFAMA) has today published its latest Investment Fund Industry Fact Sheet*, which provides investment sales and asset data for June 2013.
26 associations representing more than 99.6 percent of total UCITS and non-UCITS assets at the end of June 2013 provided us with net sales and/or net assets data.
The main developments in June 2013 in the reporting countries can be summarised as follows:
Net sales of UCITS reversed in June to record net outflows of EUR 65 billion, compared to net inflows of EUR 34 billion in May. June witnessed the largest net outflows from UCITS since October 2008 on account of large net outflows from fixed income funds.
Long-term UCITS (UCITS excluding money market funds) registered net outflows of EUR 25 billion, against net inflows of EUR 39 billion in May.
Net sales of bond funds experienced a turnaround in net sales to register net outflows of EUR 18 billion in June.
Net sales of equity funds recorded increased net outflows of EUR 9 billion, up from EUR 1 billion in May.
Net sales of balanced funds broke even in June, down from net inflows of EUR 13 billion in May.
view the EFAMA Investment Fund Industry Fact Sheet(1)
June 2013 Data
Source: European Fund and Asset Management Association (EFAMA)
FESE-European Exchange Report 2012
August 29, 2013--Foreword by President:The European Exchange Report represents a valuable source of integrated information on Europe's exchange industry and is compiled by the Federation of European Securities
Exchanges (FESE). FESE Represents the operators of European Regulated Markets.
FESE members have a distinct market structure that offers transparent price discovery and liquidity for assets admitted to trading on their markets, which is matched according to pre‐established rules.
view the FESE-European Exchange Report 2012
Source: FESE
New incentive scheme from Eurex to mark three years of Eurex KOSPI Product
The successful cooperation is now in its fourth year/Sustained growth of traded volume/Daily average of 83,000 traded contracts in 2013
August 29, 2013--On the third anniversary of the Eurex/KRX Link, the international derivatives market Eurex Exchange drew a positive balance on the product cooperation.
To celebrate this milestone and in recognition of its success, Eurex Exchange is waiving trading fees for the Eurex KOSPI Product for the month of September. In addition, all Eurex members located in Korea also qualify with immediate effect for the special incentive program for Asian participants.
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Source: Eurex
Three new SPDR-ETFs-launched on Xetra
ETFs track government and corporate bonds
August 28, 2013--Three new exchange-listed bond index funds issued by SPDR (State Street Global Advisors) have been tradable on Xetra since Wednesday.
ETF name: SPDR Barclays 0-3 Year Euro Corporate Bond UCITS ETF
Asset class: bond index ETF
ISIN: IE00BC7GZW19
Total expense ratio: 0.20 percent
Distribution policy: distributing
Benchmark: Barclays 0-3 Year Euro Corporate Bond Index
ETF name: SPDR Barclays 0-3 Year US Corporate Bond UCITS ETF
Asset class: bond index ETF
ISIN: IE00BC7GZX26
Total expense ratio: 0.20 percent
Distribution policy: distributing
Benchmark: Barclays 0-3 Year US Corporate Bond Index
ETF name: SPDR Barclays 1-3 Year U.S. Treasury Bond UCITS ETF
Asset class: bond index ETF
ISIN: IE00BC7GZJ81
Total expense ratio: 0.15 percent
Distribution policy: distributing
Benchmark: Barclays Capital US Treasury 1-3 Year Index
The first two SPDR ETFs enable investors to participate in the performance of corporate bonds from issuers in the industrial, utilities and financial sectors with a residual maturity of less than three years.
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Source: Xetra
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