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DB Index Research -- Weekly ETF Reports -- Europe
September 30, 2009--Highlights
ETF Volume
Exchange based Equity ETF turnover rose by 2.2% on the previous week. Daily turnover for the previous week was E1.2bn. European fixed income ETF turnover remained at about the same level at E181m, with money market ETFs continuing to be the main focus.
In exchange based bond ETFs, db x-trackers II EONIA TR Index ETF has the highest daily turnover of E19.67m. Among the Equity ETFs, iShares DAX (DE) has the highest daily turnover of E62.57m.
There were 14 new listing in the last week. BNP Paribas listed four new ETFs focusing on the BRIC countries on NYSE Paris and listed 9 ETFs on Deutsche Borse. db x-trackers listed one new ETF on Deutsche Borse.
European Style ETFs, led by short and leveraged products, kept its position as the leading product area with total turnover of E357m accounting for 30.94% of total ETF turnover, followed by European Regional ETFs with total turnover of E310m with 26.90% of total turnover. The DAX ETFs remain the dominant country products with total average daily volume of E143m across the nine listed products and accounting for 12.4% of all equity ETF volume.
DJ Euro STOXX 50 ETFs accounted for 13.3% of turnover trading E154m per day with liquidity split across 25 ETFs and 41 different listings on 9 exchanges.
Market Share
The Deutsche Borse XTF platform has the largest market share with 35.2% of total turnover. The Euronext NextTrack platform has 22.3% market share. The LSE’s combined Italian Exchange and London market share is now 26.3%.
Assets under Management (AUM)
Total European Equity related AUM remained at about the same level at E98.7bn during last week. AUM for DJ Euro STOXX 50 ETFs was E19.6bn accounting for 19.9% of total European AUM. Fixed Income ETF AUM remained at about the same level at E32.9bn.
Overall, the largest ETF by AUM was the Equity based ETF, Lyxor ETF DJ Euro STOXX 50 with AUM of E5.0bn. The largest Fixed Income ETF by AUM was the iShares € Corporate Bond with AUM of E3.2bn.
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Source: Source: Aram Flores and Shan Lan -DB Index Research
Athens Exchange S.A.: The First Multimarket ETF On The New Greek Turkish Index GT30
September 30, 2009--The calculation of GT30, the common index of Athens and Istanbul Stock Exchanges started on 28th September 2009. GT30 is calculated by STOXX Ltd and represents the trend of the thirty biggest in terms of capitalization shares of the two exchanges.
NBG Asset Management S.A. is going to issue the first multimarket ETF tracking the new Greek Turkish index GT30. The creation of the product as well as its launch in the Greek market will take place in the beginning of 2010.
This ETF gives investors the opportunity to invest simultaneously in the two markets with just one trade. Easy access to foreign markets is launched this way, with Turkey being the first one.
The issue of new ETFs listed in ATHEX, facilitates the approaching of investors? needs in a more versatile manner and making access in foreign markets simple and flexible.
Source: Athens Exchange
Boerse Stuttgart extends scope of Euwax Sentiment Index
Intraday figures particularly valuable to investors with short-term horizons /
Lammersdorf: Euwax Sentiment proving to be a popular information tool for market assessments
September 30, 2009--
Beginning today, Boerse Stuttgart, Europe’s leading exchange for investment and leverage products, will be offering investors an extended version of the Euwax Sentiment Index. The new intraday chart will now be updated every minute in response to many requests from retail investors, for whose investment behaviour an ongoing, intraday version of the index is of real value. Boerse Stuttgart’s retail investor index offers a scientifically based picture of the investment behaviour of retail investors and provides an important aid in decision-making.
“In just a short time, Euwax Sentiment has proven to be a popular information tool among retail investors for their market assessments,” notes Christoph Lammersdorf, CEO of Boerse Stuttgart Holding GmbH. “We took the decision to extend the scope of the index as a result of the very positive feedback we received from the market and from investors.”
The Euwax Sentiment Index reflects the market estimation of retail investors within a single day on a scale from minus 100 to plus 100. The more positive the figure, the more strongly investors believe markets are rising. Equally, a negative figure suggests investors expect prices to fall. “The intraday picture provided by the Euwax Sentiment Index is particularly helpful to investors with a very short-term horizon as it allows them to analyse market sentiment in real time and take it into account in their trading decisions,” says Matthias Burghardt, Head of the Euwax Sentiment project.
Index values are calculated by Boerse Stuttgart on the basis of all near-market orders executed within the last thirty minutes but including at least ten percent of all the orders executed on the day. This ensures that the index is not only able to react to short-term sentiment fluctuations but also reflects the behaviour of a representative number of retail investors. The Euwax Sentiment Index is updated every minute and published on the website of Boerse Stuttgart at www.boerse-stuttgart.de/euwax-sentiment.
In addition to the intraday chart, investors will still be able to view the 3-month and 12-month progress charts for the Euwax Sentiment retail investor index. At present, the index is mainly hovering between minus 30 and zero. Given the huge upward movements in the market over recent weeks, it appears that short-term investors on Euwax are becoming more sceptical. The index currently reflects a growing number of put buys. The trend therefore shows the majority of market participants behaving in the expectation of falling prices.
Source: Boerse Stuttgart
UK Funds Under Management Down 12% in 2008 to £3.7 Trillion, Signs of Recovery in 2009
September 30, 2009--UK assets under management fell 12 per cent in 2008 to £3.7 trillion according to the annual Fund Management report by International Financial Services London (IFSL), the independent organisation promoting UK financial services worldwide.
The decline follows five successive years of growth, averaging eight per cent per year. Poor investment performance, reduced inflow of new funds and investor redemptions all contributed to the fall in assets over the past year. Early indicators for 2009 show that the industry has started to recover with a 14 per cent gain in assets of UK domiciled retail funds in the first seven months of the year.
According to IFSL’s report, institutional funds1 were the source of two-thirds of UK funds under management in 2008. Around 16 per cent came from retail funds, 9 per cent from alternative funds2 and the remainder from private clients.
Marko Maslakovic, Senior Economist at IFSL said: “Profit margins among fund managers in the UK declined from 32 per cent to 23 per cent in 2008 as revenues fell faster than costs. Profitability is likely to remain at lower levels in 2009 as market conditions including reduced asset values, increased competition for new business and investor shift to lower revenue asset classes persist.”
Global trends:
Worldwide conventional investment management assets3 fell 19 per cent in 2008 to $61.6 trillion (see Table below). The decline reported in US dollars was exacerbated by the strengthening of the US dollar during the year. Pension assets accounted for $24.0 trillion of the total, with a further $18.7 trillion invested in insurance funds and $18.9 trillion in mutual funds. Together with alternative funds2 and private wealth funds, assets of the global fund management industry amounted to around $90 trillion.
View the Fund Management 2009 report
Source: International Financial Services London (IFSL)
London begins to lose appeal for hedge funds
September 30, 2009-London’s position as the world’s number two city for hedge funds is beginning to slip after almost a decade of gaining ground.
New York, meanwhile, is reasserting itself in spite of the Madoff scandal, the fall of Lehman Brothers and a series of high-profile fund liquidations
read full story
Source: FT.com
Man signals comeback of private investors
September 30, 2009--Investors have begun to return to funds run by Man Group, the world’s largest listed hedge fund manager, signalling a change in fortune over the second quarter for the London-based company.
Total assets under management, at $43.8bn (£27.4bn), are down from their peak of $79.5bn in June 2008, but flows have stabilised over the past six months, according to Man.
read full story
Source: FT.com
Source’s assets reach USD2.2bn
September 30, 2009--Source, a provider of exchange-traded products, says total assets in its range of products have reached USD2.2bn (EUR1.5bn).
Source’s new sector products have gathered nearly USD950m (EUR650m) in just over two months in the market and have been widely accepted in the institutional market, particularly by hedge funds.
The products are designed to facilitate trading and investment through buying, short-selling, borrowing and lending.
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