US Equity Fund Flows: Inflows Slow; Money Fund Exodus
(NEW YORK) The flow of fresh capital into U.S. equity mutual funds slackened sharply in the week ended March 21 while big selling in money market funds indicates corporations were freeing up cash for tax bills, data from Thomson Reuters’ Lipper showed on Thursday. In the reporting of last week, the U.S. benchmark Standard &
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BATS: Looking Forward After The IPO Desaster
(KANSAS CITY) BATS Global Markets, the U.S. exchange operator that withdrew its public offering Friday after a computer glitch sent its newly-issued stock into a tailspin, should develop a “credible IPO plan” and go through with it in the second quarter, its founder and current director said. BATS’ own stock was to be its first
DetailsUBS: Three New Equity ETFs Launched On Xetra
(FRANKFURT) Three new ETFs issued by UBS Global Asset Management are tradable on Xetra. The MSCI Daily TR Net Growth USA USD Index includes all companies domiciled in the United States that are part of the companies that represent 85% of market capitalisation in the US and in addition are defined as growth stocks. Growth
DetailsVan Eck: Small Cap Indonesia ETF Debuts
(NEW YORK CITY) Van Eck, the firm that rolled out the first Indonesia ETF a little more than three years ago, introduced a complementary ETF today that will target small cap stocks in the emerging Asian economy. The Market Vectors Indonesia Small-Cap ETF (IDXJ) began trading on the NYSE Arca on Wednesday, becoming the first ETF
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European Commssion: ETF Targeted in EU Shadow-Bank Clampdown
(BRUSSELS) Exchange-traded funds may face tougher regulation of derivatives trades as part of a European Union clampdown on so-called shadow banks that could pose a threat to the region’s financial system, Bloomberg Businessweek. The European Commission said today that it is examining potential “conflicts of interest” affecting ETFs, a type of fund that tracks an
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Delta-One-Products: Synthetic Route Has Real Appeal
(LONDON) When correlations go to one; when securities are hard to borrow; and when banks are looking to do bespoke trades rather than commoditised executions, prime brokers are increasingly turning to a common solution: Delta one. According to a recent FT article, it is an increasingly common prime brokerage service that most hedge funds and
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Vanguard: ETF assets surge to top $200bn
(PHILADELPHIA) Assets held in Vanguard’s US exchange traded fund business reached the $200bn mark at the start of March and have since risen to $204bn, despite the Pennsylvania-based group being a relative latecomer to the ETF market, the FT reports. Vanguard remains the third-largest ETF player globally, well behind longer established rival iShares, which had
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CBOE-ISE: Clash Over Index Rights
(CHICAGO) Two of the US’s biggest options exchanges have become embroiled in a legal tussle in which the Chicago Board Options Exchange is attempting to fend off efforts to undermine its profitable proprietary contracts on stock indices. The CBOE and S&P Indices are seeking an injunction against the International Securities Exchange, a US options-trading venue
DetailsBarclays Wealth: New Brand Name
(LONDON) Barclays Wealth is to drop the ‘Wealth’ from its formal title as the group rebrands itself in a shakeup which will also see Barclays Capital trade under the single-name banner, according to a recent CityWire report. Barclays chief executive Bob Diamond said that the group would be moving to more closely align its various
DetailsRussel: Roll-Out Of Two High-Payout ETFs
(SEATTLE) Russell Investments joined the crowded field of dividend-focused equity ETFs with the rollout of a pair of high-payout funds designed to offer investors another source of income outside of fixed-income strategies, IndexUniverse reports. The Russell High Dividend Yield ETF (NYSEArca:HDIV) is a U.S. large-cap portfolio comprising high-payout names from the Russell 1000 Index. The
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JPMorgan Chase: Cracking the Mutual Fund Top 10
(NEW YORK CITY) JPMorgan Chase is finding that shrewd salesmanship can overcome mediocre investment returns in the mutual fund business, Bloomberg Businessweek reports. In 2011 it became the first bank to crack the list of the 10 largest U.S. stock and bond fund managers, according to research firm Strategic Insight. JPMorgan’s funds pulled in more
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