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DB - Equity Research-Weekly European ETF Market Monitor
June 20, 2012--The most recent issue of the European ETF Market Monitor is now available. The report includes key statistics on the European ETF market as well as global ETF market highlights.
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Source: Christos Costandinides, European Head of ETF Research & Strategy, Deutsche Bank
Euro area investment fund statistics
June 20, 2012--In April 2012, the amount outstanding of shares/units issued by euro area investment funds other than money
market funds was €.10 billion lower than in March 2012. This decrease was due to a decline in share/unit prices.
The amount outstanding of shares/units issued by euro area investment funds other than money market funds decreased to €6,056 billion in April 2012, from €6,066 billion in March 2012.
Over the same period, the amount outstanding of shares/units issued by euro area money market funds increased to €967 billion, from €951 billion.
Transactions1 in shares/units issued by euro area investment funds other than money market funds amounted to €1 billion in April 2012, while transactions in shares/units issued by money market funds amounted to €10 billion.
The annual growth rate of shares/units issued by euro area investment funds other than money market funds, calculated on the basis of transactions, was 0.7% in April 2012, while the annual growth rate of shares/units issued by euro area money market funds was 2.9%.
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Source: ECB
ESMA launches a consultation on possible delegated acts concerning the Prospectus Directive
June 20, 2012--The purpose of this Consultation Paper (CP) from ESMA is to seek comments on the third part of the technical advice that ESMA proposes to submit to the European Commission on a number of possible delegated acts.
ESMA will consider the feedback it has received in relation to this consultation in the third quarter of 2012 and expects to publish a final report and submission of the technical advice to the European Commission in the fourth quarter of 2012.
Investors fled Europe-linked hedge funds in May-report
Investors withdrew $9.3 bln from European funds
June 20, 2012--Investors cut their exposure to hedge funds that invest in and are located in Europe during May as the euro zone financial crisis wrought havoc on global markets, data showed on Wednesday.
Investors last month withdrew about $9.3 billion from hedge funds located in Europe and pulled $9.1 billion from hedge funds that invest mostly in Europe, hedge fund tracking firm eVestment|HFN found.
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Source: Reuters
Fund managers expect ETF usage to rise
June 19, 2012--The majority of fund managers expect their exposure to exchange traded funds and products to rise, according to independent research carried out for Lyxor, the third largest player in Europe's ETF industry.
More than half (54 per cent) of the 131 UK and Ireland managers surveyed said their exposure to ETFs would increase over the next three years and almost a quarter (23 per cent) anticipated that their exposure to ETFs would grow by 10 per cent or more.
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Source: FT.com
Credit rating agency reform: sovereign debt ratings to be regulated
June 19, 2012--Draft legislation to regulate credit rating agencies and reduce reliance on their ratings was voted in the Economic and Monetary Committee on Tuesday.
MEPs sought to ensure that the legislation injects more responsibility, transparency and independence into credit rating activities, and helps to enhance the quality of ratings issued in the EU, thereby improving protection for users and investors.
"The debt crisis in the Eurozone has shown that credit rating agencies have gained too much influence, to the point of being able to influence the political agenda. In response we have strengthened rules on sovereign debt ratings and conflicts of interest", said Leonardo Domenici (S&D, IT), the MEP steering the reform through Parliament,
Sovereign debt ratings to be regulated
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Source: European Parliament
Lyxor Asset Management partners with Koris International to offer investment solutions developed off the Lyxor Managed Account Platform
June 19, 2012--Lyxor Asset Management (Lyxor) and Koris International launch a commercial and marketing partnership to design investment solutions for distribution across continental Europe based off the funds available on the Lyxor Managed Account Platform. The partnership will last at least two years.
The partnership combines Lyxor’s state-of-the-art managed account platform, which applies liquidity
and systematic risk control to alternative strategies, with Koris International’s extensive quantitative
asset allocation technologies, establishing a vast field for innovation.
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Source: Lyxor
Eurobonds and other tools for debt solidarity
June 18, 2012--EU Member States' very short term debt should be pooled immediately through Eurobills, and in the longer run, the EU should consider not only Eurobonds but also a form of federal debt on the US model , argues a non-legislative text presented to the Economic and Monetary Affairs Committee on Monday.
Presenting her proposals, Sylvie Goulard (ALDE, FR), set out a potential roadmap which would address not just the immediate needs of the Eurozone crisis but also longer-term ones resulting from the deepening of the EU's economic governance.
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Source: Europa
Majority of advisers do not understand structure of ETFs
June 18, 2012--The majority of financial advisers admit that they have little or no understanding of the structure of Exchange Traded Funds (ETFs) according to Skandia's latest Adviser Confidence Barometer. Over two thirds of advisers indicated that they have little or no understanding of the structure of synthetic ETFs and over half have little or no understanding of asset based ETFs.
With the FSA having already expressed concerns about the complexity of ETFs and there being a lack of understanding of how they work by both advisers and customers, there is a real danger of these funds being used when they should not be. Advisers are clearly wary of this issue and this is underlined by the research which showed that over 70% of advisers do not have any clients holding ETFs, and of those who do, the overwhelming majority hold 5% or less of this type of asset in their portfolio. This illustrates that ETFs remain very much a niche passive investment solution that is suitable for a limited number of clients.
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Source: Skandia
ETFs closing in on record 2010 fund flows
June 18, 2012--Total exchange-traded fund assets in Europe at the end of May are already on a par with full-year 2011 numbers and fast encroaching on its record end-of-year 2010 figures.
At the end of 2011, European ETF assets stood at $268bn, down from $283bn at the end of 2010. At the end of May this year, the figure stood at $266bn, just 1% below last year’s full calendar-year performance.
To show the volatility and liquidity of ETFs, compared to the end of April 2012 total ETF assets are 8.7% down, from $290bn to $266bn.
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Source: Portfolio Adviser
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