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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.
view the report-Asset Management in Europe
Source: European Fund and Asset Management Association (EFAMA)
MSCI outlines Greek euro exit scenarios
Index provider gives details on how indices will be affected by a break up of the eurozone.
May 31, 2012--Greece may be ringfenced by MSCI as a "standalone market" in the event of a disorderly exit from the eurozone.
The index provider has today (May 31) published details of how it intends to adapt its indices in the event of Greece leaving the euro, basing its plans on two “extreme” scenarios: an orderly, planned exit with a new currency being introduced in Greece, and a disorderly exit resulting in restricted access to markets and a lack of communication from Greek authorities.
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Source: FT Adviser
Seven new UBS ETFs launched on Xetra
ETFs reflect indices worldwide with a focus on the US and industrialised countries
May 30, 2012--Seven new exchange-listed equity index funds from the issuer UBS Global Asset Management have been tradable in Deutsche Börse's XTF segment since Wednesday.
Of the seven new ETFs, six are based on three reference indices – two ETFs on each index. The difference is in the unit class – the class “I” ETF is aimed primarily at institutional investors, and the class “A” ETF at private clients.
The UBS (Irl) ETF plc – MSCI USA (USD) tracks the performance of the developed equity markets in the US based on total return with dividends reinvested. The index currently includes around 600 medium to large-sized US companies, which represent approximately 84% of free-float market capitalisation.
The UBS (Irl) ETF plc – MSCI USA Value (USD) enables investors to access the American stock market using the value strategy approach. US equities are accepted into the reference index according to a selection process based on eight items of historical and forward-looking fundamental data. Those companies whose share price is classified as undervalued in comparison to the value of the company are included.
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Source: Xetra
DB - Equity Research-Weekly European ETF Market Monitor
May 30, 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.
The following link will be available for 90 days. For more information, please click on the link for the full PDF. If you have any trouble viewing the link, copy and paste the link in a browser.
http://pull.db-gmresearch.com/cgi-bin/pull/DocPull/605-D461/99509389/ETF_Research_-_Weekly_European_ETF_Market_Monitor.pdf
Source: Christos Costandinides, European Head of ETF Research & Strategy, Deutsche Bank
PwC report predicts key growth in five sectors by 2041
May 30, 2012--A PricewaterhouseCoopers (PwC) report, "Turkey in 2041: Looking to the future," which was released on Wednesday to shed light on the next 30 years of the Turkish economy, highlighted five industries with the potential to become "regional centers of excellence".
The report, prepared to mark the 30th anniversary of PwC and announced jointly by PwC UK Chief Economist John Hawksworth and PwC Turkey Territory Senior Partner Cansen Başaran-Symes at a press conference in İstanbul, underlined the five sectors where Turkey is expected to have particular sustainable comparative advantage: food and beverage processing, agricultural research and development (R&D) and services, alternative energy, automobile production, and tourism.
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Source: Todays Zaman
EU places Spain on critical list of economies
May 30, 2012--The European Commission on Wednesday placed Spain at the head of a list of 12 eurozone economies that are in critical state and need major reform this year.
Spain and Cyprus -- heavily affected by problems in the Greek economy -- were listed as being in "very serious" trouble by the Commission failing prompt action both on public finances and on economic levers most likely to generate wealth and create jobs.
"Spain faces major adjustment challenges following the bursting of the housing and credit bubble," the Commission said in its annual report on the Spanish economy.
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Source: EUbusiness
Publication of the first regulatory technical standards on credit rating agencies (CRAs)
May 30, 2012--Today, four European Commission Delegated Regulations establishing regulatory technical standards for credit rating agencies have been published in the Official Journal of the European Union.
These technical standards set out:
1.the information to be provided by a credit rating agency in its application for registration to the European Securities and Markets Authority (ESMA);
2.the presentation of the information to be disclosed by credit rating agencies in a central repository (CEREP) so investors can compare the performance of different CRAs in different rating segments;
3.how ESMA will assess rating methodologies; and
4.the information CRAs have to submit to ESMA and at what time intervals in order to supervise compliance.
The four standards, which complement the current European regulatory framework for credit rating agencies, were developed by the European Securities and Markets Authority (ESMA) and endorsed by the European Commission on 21 March. The regulatory technical standards will ensure a level playing field, transparency and adequate protection of investors across the Union and contribute to the creation of a single rulebook for financial services.
The first 3 regulations will come into force 20 days after their publication today on 20 June 2012. While the fourth RTS will come into force 6 months after its publication in the Official Journal on 30 November 2012.
view the Publication of the first regulatory technical standards on credit rating agencies (CRAs)
Source: ESMA
Notice of Cancellation of Listing From the Official List-DB x-trackers Sonia Total Return Index ETF
May 30, 2012--Following the merger of db x-trackers SONIA Total Return Index ETF with db x-trackers II Sterling Cash ETF (the "Amalgamation") which took place on 9 May 2012, db x-trackers has requested the cancellation of the securities set out below from the Official List, effective from,
8:00 a.m. on 26 June 2012. The assets and liabilities of db x-trackers SONIA Total Return Index ETF have been contributed to the distribution share class (Class 1D) of db x-trackers II Sterling Cash ETF.
The decision to undertake the Amalgamation was taken as a matter of economic efficiency to enable both funds to be managed as a sole sub-fund within db x-trackers II.
Class 1C Shares-Exchange traded fund -(LU0356592187)
Short Name: db x-trackers
Category Code: MSC
Sequence Number: 328538
Time of Receipt (offset from UTC): 20120530T090039+0100
Source: Deutsche Bank AG
Warsaw Stock Exchange Starts To Calculate Regional Stock Index WIG-CEE
WSE calculates and publishes WIG-CEE index as of 30 May 2012.
WIG-CEE is a testimony to a growing number of regional issuers and a part of the strategy strengthening the WSE's position as the CEE financial hub.
May 30, 212--The Warsaw Stock Exchange has started as of 30 May 2012 to calculate and publish the Central and Eastern European regional stock index WIG-CEE.
After WIG-Poland and WIG-Ukraine, WIG-CEE is the third WSE index mainly based on the criterion of the companies’ country of origin.
WIG-CEE is a total return index and includes dividend and subscription rights income. The index portfolio may include companies from Bulgaria, Croatia, the Czech Republic, Estonia, Hungary, Lithuania, Latvia, Romania, Slovakia, Slovenia, and Ukraine whose shares are listed on the regulated market or in the alternative trading system operated by the Warsaw Stock Exchange.
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Source: Warsaw Stock Exchange
Threat to long life for longevity swaps
May 29, 2012--From BMW to British Airways, a succession of big companies has reached deals with banks and insurers to cap the risk that their pension scheme members will live longer than expected.
With actuaries persistently underestimating life expectancy and schemes eager to control the resulting rising costs, the fledgling market for financial products that offer longevity protection had been growing steadily.
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Source: FT.com
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