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Northern Trust Monthly Funds Market Review
June 1, 2012--Northern Trust named Best Service Provider of ETFs in Europe
Irish Funds Industry Association to open office in Hong Kong
Luxembourg aiming to implement AIFMD by end of year
French withholding tax ruling could lead to fund manager rebates
US regulators confident more countries will join multilateral FATCA agreement
IRISH FUND HIGHLIGHTS
The Irish Funds Industry Association (IFIA) is to open a representative office in Hong Kong to assist local fund houses keen to establish an offshore presence. So reports Asset Servicing Times. Pat Lardner, the new chief executive of the Irish fund industry body, announced the plans at Fund Forum Asia. He said the new office would be headed up by Conor O’Mara, chairman of the Irish Chamber of Commerce (ICC) in Hong Kong, as part of a joint initiative between IFIA and the ICC. Ignites Europe 1 May
LUXEMBOURG FUND HIGHLIGHTS
Luxembourg aims to implement the alternative investment fund managers (AIFM) directive by the end of the year, in an effort to have a first-mover advantage over other fund domiciles. The Grand Duchy is setting out to become the first EU member state to transpose the directive, a move it hopes will help it replicate the success it has enjoyed with UCITS. Speaking last week at a London conference organised by Luxembourg fund association ALFI, Luc Frieden, Luxembourg's minister of finance, told delegates that "the implementation of AIFMD [was] imminent". Financial Times 28 May
94 billion euros turnover on Xetra in May
June 1, 2012--Order book turnover on Xetra and the Xetra Frankfurt specialist trading stood at €99.0 billion in May - a decrease by 27 percent year-on-year (May 2011: €136.5 billion).
Of the €99.0 billion, €94.1 billion were attributable to Xetra – a decrease by 28 percent y-o-y (May 2011: €130.8 billion). €4.8 billion were attributable to the Xetra Frankfurt specialist trading, an 15 percent decrease y-o-y (May 2011: €5.6 billion). Order book turnover on Tradegate Exchange* totalled approximately €2.3 billion in May.
In equities, turnover reached €82.9 billion on Deutsche Börse’s cash markets (Xetra: €81.2 billion, Xetra Frankfurt specialist trading: €1.6 billion). Turnover in bonds was €1.8 billion, and in structured products on Scoach €1.8 billion. Order book turnover in mutual funds and exchange-traded funds (ETFs) amounted to €12.1 billion.
Germany welcomes Irish 'yes' to EU fiscal pact
June 1, 2012--German Foreign Minister Guido Westerwelle on Friday welcomed Ireland's backing for a new European Union fiscal pact as a vote for "stability, growth and solidarity in Europe".
Westerwelle said the positive result of Thursday's referendum sent the right message to the rest of the bloc.
"The Irish people have voted for stability, growth and solidarity in Europe -- that is good for Ireland and for all of us in Europe," he said in a statement.
Eurozone manufacturing sinks deeper in red: survey
June 1, 2012--Eurozone manufacturing activity sank deeper in May, hitting its lowest level in three years as employers shed jobs and crisis-struck Spain hit bottom, a key survey showed on Friday.
The sector suffered "steep drops" in output and new orders last month, causing the Purchasing Managers Index reading by Markit research firm to fall to 45.1 points in May from 45.9 points in April.
A score below 50 points indicates contraction.
Row brews over ETF trading tape
June 1, 2012--Two of Europe's largest exchange-traded fund providers clashed this week after Lyxor publicly disputed iShares' claim to have created the first European ETF trading tape of record in a joint venture with Bloomberg.
The brewing row over the ETF consolidated tape - which aggregates ETF trading data into a single point of reference - mimics a similar long-standing battle in the cash equities market over how trading data is represented, controlled and priced.
The Europe Dow Closes May Down 13.08% According To Dow Jones Indexes-The Europe Dow Component Stocks Closed May In Negative Territory
June 1, 2012--The Europe Dow, an equal-weighted index that measures 30 of the region's leading blue-chip stocks, loss 13.08% in May, according to data compiled by Dow Jones Indexes, a leading global index provider.
All 30 component stocks in The Europe Dow closed the month in negative territory.
The index’s best three performers for May were Vodafone Group PLC (Great Britain), which closed down 3.83%. Shares of GlaxoSmithKline PLC (Great Britain) and Diageo PLC (Great Britain), down 4.35% and 5.46%, respectively. Telefonica S.A (Spain), which fell 24.17%, was The Europe Dow’s worst-performing stock in May.
By comparison, the Dow Jones Industrial Average ended May down 6.21%, The Asia Dow fell 10.32% and The Global Dow loss 10.17%. The Asia Dow is an equal-weighted, 30-stock index that measures leading blue-chips traded in the Asia/Pacific region; The Global Dow measures the performance of 150 leading companies from around the world.
For April 2012, The Europe Dow closed down 4.14%.
New fund launches set to drop by 30%
May 31, 2012--The number of new fund launches will drop dramatically over the coming year as Europe contends with an overabundance of funds which are either too small or too poor in quality, according to research firm Cerulli Associates.
In its May 2012 analysis of the European fund industry the group said that while the fund launch rate slowed down in 2011 it expects it to drop by a further 30%.
Cerulli said the average European portfolio is getting smaller, not larger, as assets decline faster than fund numbers in France, Germany and Spain.
Eurex Clearing and major dealers to cooperate in launch of OTC Interest Rate Swaps Clearing
EurexOTC Clear for Interest Rate Swaps will deliver efficient risk management and safety for dealer and client clearing/ Strong Client Asset Protection services in line with new EMIR requirements/ High capital efficiency through portfolio risk management and efficient collateral processes
May 31, 2012--Eurex Clearing, Europe's leading clearinghouse, announced today that it is cooperating with Barclays, BNP Paribas, Citigroup, Credit Suisse,
Deutsche Bank, J.P. Morgan and Morgan Stanley to support the launch of its new clearing service for OTC Interest Rate Swaps (IRS).
EurexOTC Clear for IRS will deliver efficient risk management and safety for dealer and client clearing ahead of the start of the clearing obligations in Europe as required by the European Market Infrastructure Regulation (EMIR). Eurex Clearing plans to achieve technical production readiness beginning of July 2012; the production roll-out planned for the second half of 2012 will then be closely coordinated with the readiness of clearing firms ahead of the new regulatory requirements.
Eurozone inflation eases to 2.4% in May
May 31, 2012--Eurozone inflation eased at a quicker pace than expected in May, EU figures showed Thursday, giving the struggling 17-nation bloc a rare piece of good news.
Annual inflation slowed to 2.4 percent in May compared with 2.6 percent in April and 2.7 percent in March, according to Eurostat data agency.
While the inflation rate topped the European Central Bank's ceiling of just under 2.0 percent for the 18th month running, the May figure was better than the average analyst forecast of 2.5 percent compiled by Dow Jones Newswires.
EFAMA publishes Annual Asset Management Report: Facts & Figures in Europe
May 31, 2012--The European Fund and Asset Management Association (EFAMA) has today published EFAMA's Fifth Annual Review Asset Management in Europe: Facts & Figures, using data as at end 2010. This review provides a snapshot of the industry looking at its overall size, general structure, asset allocation and client base.
This year’s review highlights the following statistics for 2010:
Assets under Management (AuM) in Europe enjoyed strong growth of 10% in 2010 to reach EUR 14.0 trillion at year end. Europe ranks as the second largest market in the global asset management industry, managing 33% of global assets under management.
Discretionary mandate assets represented EUR 7,131 billion or 50.8% of AuM at end 2010, whereas investment funds accounted for the remaining EUR 6,904 billion. Bond and equity remain asset managers preferred asset classes, with an asset allocation of 44% and 31% respectively of total AuM at end 2010.
More than 3,100 asset management companies were registered in Europe employing about 85,000 people directly at end 2010. Taking into account related services along the asset management value chain, the level of direct and indirect employment would increase to a significantly higher figure.
Asset management plays a key role in the financing of the European economy, thereby supporting economic growth. On the basis of data published by the European Central Bank and EFAMA’s calculations, European asset managers held 23% of the debt securities issued by euro area sectors at end 2010, and 31% of euro area companies’ total equity.
Asset management is highly concentrated in a limited number of countries. The top three countries -- the UK, France and Germany -- together accounted for 65% of total AuM in Europe at end 2010.
