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EU interim forecast: a mild recession with signs of stabilisation
February 23, 2012--The latest interim forecast of the European Commission, presented on 23 February, points to a stagnation of the EU economy and to a mild recession in the euro area. However, modest growth is predicted to return in the second half of the year.
Growth revised downwards
Against the backdrop of a waning growth momentum and continued low confidence, real GDP is expected to stagnate in the EU and to shrink by 0.3% in the euro area in 2012. This constitutes a downward revision of 0.6 percentage points in the EU and 0.8 percentage points in the euro area compared to the autumn forecast of 10 November 2011. Contrary to earlier interim forecasts that built on the analysis of the seven largest EU economies, projections for the current forecast are based on estimates for all EU Member States.
Divergences between Member States remain pronounced
At the level of the individual Member States, growth divergences remain pronounced. In 2012, GDP growth is forecast to be positive in seventeen countries (Bulgaria, Denmark, Germany, Estonia, Ireland, France, Latvia, Lithuania, Luxembourg, Malta, Austria, Poland, Romania, Slovakia, Finland, Sweden and the United Kingdom) stagnant in one (Czech Republic) and negative in nine countries (Belgium, Greece, Spain, Italy, Cyprus, Hungary, the Netherlands, Portugal and Slovenia). Growth will be highest in Poland (2.5%), Lithuania (2.3%) and Latvia (2.1%) and lowest in Greece (-4.4%) and in Portugal (-3.3%).
view the •Interim forecast-full document
Fuhr Returns With ETF Research Outfit
February 23, 2012--Deborah Fuhr, one of the best-known names in the City of London's exchange-traded funds industry and a former FN100 Women in Finance, has launched an independent ETF research and consultancy business.
The former global head of ETF research and implementation strategy at BlackRock has established ETF Global Insight with two former colleagues.
The new firm will provide research on the ETF industry, products, applications, competitor analysis and regulatory advice. It will make money from paid for subscriptions and by charging for bespoke research projects. Fuhr said she was providing financing for the launch.
She said: "It's different [to working within an institution], you have to go out and buy your own computer kit. In a big company everything gets set up for you, so I'm learning how to set up a company - but enjoying it."
Espirito Santo registra en Espana su negocio de ETF
Con el subfondo ESAF NYSE Euronext Iberian ETF
Febrero 23, 2012--La entidad portuguesa Espírito Santo Activos Financieros ha traído al mercado español su sicav luxemburguesa de fondos cotizados, de manera que la gestora ofrecerá a los clientes españoles tanto su gama de productos activos como los pasivos a través de esta línea de negocio. La entidad registró dicha sicav en CNMV recientemente.
La sicav de ETF de la entidad está compuesta por el subfondo ESAF NYSE Euronext Iberian ETF, un producto dirigido tanto a inversores institucionales como retail y que ofrece acceso a 30 grandes compañías de España y Portugal.
Industry authority launches ETF GLOBAL INSIGHT
Deborah Fuhr and team to provide independent research and consultancy to the global ETF industry
February 23, 2012--February 23, 2012 -Award-winning ETF authority, Deborah Fuhr, together with her long-established team, announced today the formation of ETF Global Insight, an independent research and consultancy firm aimed at providing services to the rapidly expanding global Exchange-Traded Fund (ETF) industry.
The new firm is focused on providing thought leadership; publishing independent research on the industry, products, applications, competitor analysis; providing education and assistance to investors on product comparison, asset allocation implementation and offering customised research.
The founding partners of the firm bring a wealth of ETF implementation and capital markets experience to the venture. Deborah Fuhr, Shane Kelly and Matthew Murray were instrumental in the development of the first ETF global industry research reports and worldwide handbooks while they were at Morgan Stanley and most recently they have been responsible for the development and production of ETF reports and handbooks at BlackRock/Barclays Global Investors.
Co-founding partner Deborah Fuhr said: "Having covered the ETF industry since 1997 when there were only 21 products and US$21 billion in assets under management I believe that ETFs have been one of the most successful financial products of the past 25 years, bringing investors liquidity, diversification and low-cost access to a wide range of asset classes around the world. While asset growth in the ETF industry has been tremendous, regulators, investors, ETF managers, brokers, index providers and all of the members of the ETF eco-system have been citing the need for more and better independent education, research and customised assistance to investors seeking to navigate the vast array of products. ETF Global Insight has been set up to provide this service across the globe."
Highly regarded and experienced team
Fuhr was previously the Global Head of ETF Research and Implementation Strategy and a Managing Director at BlackRock and Barclays Global Investors from Sept 2008 – Oct 2011. Under Ms Fuhr’s guidance, BlackRock’s Global ETF Research and Implementation Strategy team was responsible for advising clients on the implementation of asset allocation strategies using ETFs, producing analysis and guidebooks on the global ETF industry.
Prior to joining BlackRock in September 2008, Ms Fuhr spent 11 years at Morgan Stanley where she was a Managing Director and head of the Investment Strategies Group based in London.
Shane Kelly is a former Vice President at Merrill Lynch and former Vice President and Investment Strategist at BlackRock/BGI; prior to that he was an Associate in the Investment Strategies Group at Morgan Stanley. Matthew Murray is a former Associate at Merrill Lynch and a former Analyst in Fuhr’s team at BlackRock.
During their time at BlackRock, the team won numerous awards for their research which was distributed to over 13,000 professional investors around the world.
Fuhr added: "The need for independent research and assistance in navigating the ETF landscape is even greater today than at any time in the past ten years. Across North America, Europe, Asia, and Latin America, there are exciting opportunities to bring ETFs to more investors in more countries with quality tools and research that serve their requirements. We believe the industry will see significant change as investors and regulators demand greater transparency, clarity and information which will benefit investors globally."
ETF Global Insight is a passionate advocate of the value proposition offered to investors by the ETF product category. The firm believes that true ETFs have been a tremendous advantage to investors, providing transparency, liquidity, diversification and choice to millions of investors. ETFs have grown from less than $25 billion of assets globally in 1997 to more than $1,500 billion at the end of January 2012.
ESMA launches a consultation on Key concepts of the Alternative Investment Fund Managers Directive and types of AIFM
February 23, 2012--Responses to this discussion paper will help ESMA in finalising its policy approach. In light of the feedback received, ESMA will develop a consultation paper in Q2 2012 setting out formal proposals for draft regulatory technical standards on Article 4(4) of the AIFMD.
The results of that public consultation will be used by ESMA in finalising the draft regulatory technical standards to be submitted to the European Commission for endorsement by the end of 2012.
Alan Miller teams with Deutsche to launch UK's first ETF of ETFs
February 22, 2012--SCM Private is launching the first exchange traded fund (ETF) of ETFs in the UK in conjunction with db X-trackers, to provide a low-cost, actively managed multi-asset strategy.
The db X-trackers SCM Multi Asset ETF provides exposure to a portfolio of ETFs and exchange traded commodities (ETCs), with the aim of using asset allocation to accumulate returns significantly above inflation.
ETF Research : Weekly European ETF Market Monitor & Global Product Directory
February 22, 2012--The most recent issue ofthe Weekly European ETF Market Monitor is now available. The report includes key statistics on the European ETF market as well as global ETF market highlights.
For more detailed coverage please refer to our monthly report, issued in the first week following the end of each month.
To request a copy of the report
Painful period of synthetic-ETF losses comes to end
February 22, 2012--Synthetic exchange-traded products experienced a turnaround in fortunes in January, according to BlackRock figures, ending a painful six-month period which saw them haemorrhage some $11.7bn (€8.9bn) of assets.
According to the latest ETF statistics from BlackRock,
Publication of a list of prospectuses and supplements on ESMA's website
February 22, 2012--Further to the different information requirements allocated to ESMA by the Directive 2010/78/EU (the so called Omnibus Directive) and reflected in the Amended Prospectus Directive (the Prospectus Directive as amended by Directive 2010/73/EU), ESMA informs its website users and stakeholders that, until further notice, the information required on Prospectus will only be available at the relevant National Competent Authority.
The information will be available in one of the forms detailed in article 14.4 of the Amended Prospectus Directive.
Article 14.4. of the Prospectus Directive: the competent authority of the home Member State shall publish on its website over a period of 12 months, at its choice, all the prospectus approved, or at least the list of prospectuses approved in accordance with Article 13, including, if applicable, a hyperlink to the prospectus published on the website of the issuer, or on the website of the regulated market.
EU approves new Greek bailout
February 21, 2012--Eurozone finance ministers in Brussels approved early on Tuesday a second bailout of Greece after six months of extremely tense discussions which exposed sharp divisions in Europe.
The last few weeks of negotiations stalled on deep mistrust by some northern European countries of the determination in Greece to enact commitments and change the political culture.
These were some of the other major hurdles encountered:
FINANCIAL AID
The new bailout should be the biggest in history.
