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Brussels plan will 'kill off' money funds
April 28, 2013--It could potentially force funds to switch excess cash into unsecured commercial paper.
… Even if it's negotiated down, we still believe that the vast majority of CNAV funds will get out of the business,” one
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Source: FT.com
Institutional interest helping to drive growth in exchange traded funds
April 26, 2013--The European exchange traded products (ETP) market will more than double in size by the end of 2017 to reach $900 billion in assets, the global head of Blackrock's iShares funds said today.
Mark Wiedman said the market was on a "wild ride"
"In Europe, assets held in ETPs hit a new high of $387bn at the start of this year. We’re predicting the European ETP category will more than double over the next five years to over $900bn.”
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Source: European Pensions
Amundi appoints Laurent Guillet, Chief Executive Officer of its London Branch
April 26, 2013--Continuing its international development, Amundi strengthens its subsidiary in the United Kingdom with the appointment of Laurent Guillet as Chief Executive Officer, Amundi London Branch.
Since October 2010, Amundi London Branch has been under the responsibility of Laurent Crosnier who held the dual role of Chief Executive Officer and Chief Investment Officer. Under his direction, the teams at Amundi London Branch have successfully developed its investment activities. In order to further strengthen this business, Amundi has therefore decided to separate these two roles with the nomination of Laurent Guillet.
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Source: Amundi
FCA sets out new rules for the platforms industry
April 26, 2013--The Financial Conduct Authority has published rules to make the way that investors pay for platforms more transparent.
In the future, platforms, in both the advised and non-advised market, will not be allowed to be funded by payments (commonly described as ‘rebates’) from product providers. Instead, a platform service must be paid for by a platform charge which is disclosed to and agreed by the investor.
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Source: FCA.org.uk
New State Street bond index ETF launched on Xetra
ETF tracks inflation-protected corporate bonds from emerging markets
April 25, 2013--A new exchange-listed bond index fund issued by SPDR (State Street Global Advisors) has been tradable on Xetra(R) since Thursday.
ETF name: SPDR Barclays EM Inflation Linked Local Bond UCITS ETF
Asset class: bond index ETF
ISIN: IE00B7MXFZ59
Total expense ratio: 0.55 percent
Distribution policy: distributing
Benchmark: Barclays Emerging Markets Inflation Linked 20% Capped Index
The aim of the SPDR Barclays EM Inflation Linked Local Bond UCITS ETF is to track the performance of government bonds from individual emerging-market countries in local currencies with protection against inflation risk. The reference index, Barclays Emerging Markets Inflation Linked 20% Capped Index, includes inflation-protected bonds from the following countries: Brazil, Chile, Israel, Korea, Mexico, Poland, South Africa, Thailand and Turkey. The maximum weighting of a single country is limited to 20%.
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Source: Xetra
SPDR(R) ETFs Launches World First ETF on Emerging Market Inflation-Linked Bonds
SPDR ETF Research Shows Nearly Half of Asset Managers and Pension
Professionals Across Europe Plan to Increase their Exposure to EM bonds in Next Three Years
April 25, 2013--SPDR ETFs, the exchange traded funds (ETF) platform of State Street Global Advisors (SSgA), announced today that it has launched the SPDR Barclays EM Inflation-Linked Local Bond UCITS ETF on the Deutsche Börse-the world's first ETF giving pure exposure to EM inflation-linked debt.
The new physically-backed ETF tracks the Barclays EM Inflation-Linked 20% Capped Index, which includes inflation-linked sovereign bonds issued by Brazil, Mexico, Chile, South Africa, Poland, Turkey, Israel, Korea and Thailand.
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Source: State Street Global Advisors
BlackRock's Credit Suisse deal in holding pattern over Ireland
April 25, 2013--BlackRock's acquisition of Credit Suisse's exchange traded fund arm may be delayed after Irish and UK watchdogs launched an initial investigation into the deal.
The Irish Competition Authority, the watchdog responsible for blocking anti-competitive mergers in Ireland, will decide by May 10 whether to clear the transaction or proceed to a full investigation of the deal, which can last up to three months.
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Source: FT.com
Fears over market impact of Tobin tax
April 23, 2013--Talks on a European financial transaction tax are faltering amid concerns over its economic impact, indicating the levy may be scaled back by the eurozone countries that want to adopt it.
Those involved in the early negotiations say the 11 eurozone states committed to a transaction tax are divided over what form it should take, with several countries expressing fears that it will harm government bond markets and pension funds.
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Source: FT.com
Eurozone business activity still slumping
April 23, 2013--Private sector business activity remained weak across the eurozone in April, underscoring a gloomy medium-term outlook for the 17-state economy, a widely-watched survey showed on Tuesday.
The Markit Eurozone Composite Purchasing Managers Index registered 46.5 points, the same reading as March and well below the boom-and-bust line of 50 points indicating growth or recession.
It was the 19th time in 20 months that the survey of thousands of eurozone companies signalled a contraction in the single currency area's economy.
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Source: EUbusiness
BNY Mellon begins trading in Europe
April 22, 2013--BNY Mellon has begun trading fixed income and equities in Europe as the world's largest custody bank attempts to break out its investment services business from its traditional US heartland.
The US-based group said on Monday it had started offering dealing services for institutional clients in Europe, the Middle East and Africa. The division, known as BNY Mellon Capital Markets Emea, will be headed in London by Ian Gass and regulated by the Financial Conduct Authority.
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Source: FT.com
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