FUNDMARKET INSIGHT REPORT

Size: px
Start display at page:

Download "FUNDMARKET INSIGHT REPORT"

Transcription

1 FUNDMARKET INSIGHT REPORT NOVEMBER 2013 LAUNCHES, LIQUIDATIONS, AND MERGERS IN THE EUROPEAN MUTUAL FUND INDUSTRY, Q CHRISTOPH KARG Content Specialist for Germany & Austria Executive Summary As of the end of September 2013, there were 31,925 mutual funds registered for sale in Europe. Luxembourg continued to dominate the fund market in Europe, hosting 8,618 funds, followed by France, where 4,876 funds were domiciled. For Q3 2013, 442 funds were created in Europe. During the same period 458 funds were liquidated and 255 funds were merged. The total number of funds showed a decrease of 271 products for third quarter For third quarter 2012 the net decrease had been slightly higher at 308 products. View of the Mutual Fund Market in Europe The chart below breaks down the European fund market by asset class as of the end of Q Equity funds dominated the scene with 37% of the funds available for sale, followed by mixed-asset funds at 26%. Bond funds stood at 22%, while money market funds represented 4% of the market. The remaining 11% of other funds were real estate funds, commodity funds, guaranteed funds, unclassified, and funds of hedge funds. Figure 1 Distribution of Mutual Funds Registered for Sale in Europe by Asset Type as of the End of September 2013 The quarterly net change in the European fund universe showed a negative result, but the trend was slowing. Only mixed-asset funds countersteered this trend with a positive net change in the number of available products. DETLEF GLOW Head of Lipper EMEA Research

2 Quarterly Comparison During Q3 2013, 442 funds were launched in Europe. The quantity of newly launched products was comparable with the number from the preceding quarter, when 432 funds were launched. Q3 s number showed an increase of 9% against the number of newly listed products for Q3 2012, when 404 funds were launched. Fund liquidations were down from 502 funds for Q to 458 funds for Q (-9%). Compared with third quarter 2012 (471), the decrease in liquidations for Q was roughly flat. During the same period the number of fund mergers showed no real change: Q had 241 mergers compared to 255 mergers for Q For Q2 2013, 355 funds were merged, so measuring Q against Q we saw a decrease of 28%. Figure 2 Overview of New Fund Launches, Mergers, and Closures of Investment Funds Comparing third quarters since 2010 the number of liquidations and mergers seemed to be stable. With 442 newly launched funds for Q3 2013, we saw the highest number of newly launched funds since Q

3 Launches, Mergers, and Liquidations Over the Past Five Years The change in net size of the European fund universe has been negative since Q We saw the lowest net growth in Q2 2012, with 340 mergers, 535 liquidations, and just 417 newly launched funds (for a total decline of 458 products). For Q the number of mergers and liquidations went down, while at the same time we noticed a small increase in fund launches. Figure 3 Launches, Mergers, and Closures of Investment Funds Net Change Over the Past Five Years Since Q the net changes have shown consistently negative results. But it looks like that trend is slowing. Comparing Q with the previous quarter s net changes, we see a decrease of 271 funds against 425 funds (-36%). Looking back one year we notice a net decrease of 308 funds for Q3 2012, 12% higher than the current number. Figure 4 Net Change in Number of Funds Registered for Sale in Europe

4 Changes in European Fund Universe by Asset Classes, Q Q witnessed the launch of 442 funds: 133 equity funds, 120 bond funds, 155 mixedasset funds, 23 other funds, and 11 money market funds. During the same period 458 funds were liquidated: 148 equity funds, 58 bond funds, 91 mixed-asset funds, 145 other funds, and 16 money market funds. For Q3 2013, 255 funds were merged: 76 equity funds, 70 bond funds, 59 mixed-asset funds, 15 other funds, and 35 money market funds. Figure 5 Overview of New Fund Launches, Mergers, and Closures, July 1, September 30, 2013 Mixed-asset funds showed the only positive net change, summing up the numbers of launches, liquidations, and mergers on an asset class basis.

5 Summary and Outlook Consolidation continues, considering the net change in the European funds universe. But the picture is slightly different, since the numbers of mergers and liquidations are staying at the same level. Comparing Q with Q3 2013, while the number of launches has gone up about 10%, we see a different picture in the segments: other funds showed massive closures, and the number of mixed-asset funds increased slightly. Regulation, regulation, regulation... Is still the key topic for European asset managers. We are now in the midst of the transformation process in regard to AIFMD guidelines, which needs to be finished by July Concurrently, UCITS V will be pushed forward, and the agenda for UCITS VI is also on the way. In addition, other regulations such as EMIR and MiFID II will also impact the asset management industry. One of the UCITS VI topics is the revision of the regulation for money market funds in regard to redemption fees, cash reserves, redemption gates, etc. As of now it is not clear how the products might be regulated when the process is finalised, but the changes might have a massive impact on this asset class. European money market funds will hold approximately 22% of all short-term bonds issued by the governmental or the corporate sector as well as approximately 38% of the short-term bonds from the banking sector (source: Association of the Luxembourg Fund Industry [ALFI] stats). The major domiciles for funds of this asset class are France and Luxembourg. In the largest domicile, Luxembourg, about 10% of the assets under management in investment funds are invested in money market products. Low interest rates would lead to outflows in this sector. During the ALFI road show in Frankfurt Lipper had the chance to speak with Camille Thommes (General Director of ALFI) about the upcoming challenges for the European fund industry. Mr. Thommes raised concerns about the ongoing discussion regarding money market funds and stated the importance of this product category for the markets: we have a well-regulated, established product in the market; if we see too much regulation here, we might see investors drifting away from Europe. The speed of regulation has increased significantly since the financial crisis, but the industry definitely needs time for implementation, and one of the most important challenges is not to miss the investor in this way. We need to ensure that we will guide him through this process and explain why and what we are doing, stated Mr. Thommes. Lipper U.S. Client Services Lipper Europe Client Services (UK) (Europe) Lipper Asia Client Services lipperweb.com 2013 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies.

FUNDMARKET INSIGHT REPORT

FUNDMARKET INSIGHT REPORT FUNDMARKET INSIGHT REPORT AUGUST 2013 LAUNCHES, LIQUIDATIONS, AND MERGERS IN THE EUROPEAN MUTUAL FUND INDUSTRY, Q2 2013 CHRISTOPH KARG Content Specialist for Germany & Austria Executive Summary As of the

More information

FUNDMARKET INSIGHT REPORT

FUNDMARKET INSIGHT REPORT FUNDMARKET INSIGHT REPORT MAY 2013 LAUNCHES, LIQUIDATIONS, AND MERGERS IN THE EUROPEAN MUTUAL FUND INDUSTRY, Q1 2013 CHRISTOPH KARG Content Specialist for Germany & Austria Executive Summary As of the

More information

FUNDMARKET INSIGHT REPORT

FUNDMARKET INSIGHT REPORT FUNDMARKET INSIGHT REPORT AUGUST 2015 LAUNCHES, LIQUIDATIONS, AND MERGERS IN THE EUROPEAN MUTUAL FUND INDUSTRY, Q2 2015 CHRISTOPH KARG Content Specialist for Germany & Austria Executive Summary As of the

More information

THOMSON REUTERS LIPPER

THOMSON REUTERS LIPPER THOMSON REUTERS LIPPER EUROPEAN FUND FLOWS REPORT: SEPTEMBER 2015 Please attribute the content to Detlef Glow, Lipper s head of EMEA research and the author of this report. Date of issue: October 19, 2015

More information

THOMSON REUTERS LIPPER

THOMSON REUTERS LIPPER THOMSON REUTERS LIPPER EUROPEAN ETF MARKET REPORT: MARCH 2016 Please attribute the content to Detlef Glow, Thomson Reuters Lipper s head of EMEA research and the author of this report. Date of issue: April

More information

TRENDS IN THE EUROPEAN ETF INDUSTRY

TRENDS IN THE EUROPEAN ETF INDUSTRY TRENDS IN THE EUROPEAN ETF INDUSTRY (ALL DATA AS OF MARCH, 31 2012) Detlef Glow Head of Lipper EMEA Research Table of Content A brief history of ETFs in Europe 3 Assets under management 7 Fund flows ETFs

More information

The Lipper Leader Rating System

The Lipper Leader Rating System The Lipper Leader Rating System International Methodology Total An to the Lipper Leader Rating System Overview The Lipper Leader Rating System is a toolkit that helps guide investors and their advisors

More information

Trends in the European Investment Fund Industry. in the First Quarter of 2016

Trends in the European Investment Fund Industry. in the First Quarter of 2016 Quarterly Statistical Release May 2016, N 65 This release and other statistical releases are available on Efama s website (www.efama.org) Trends in the European Investment Fund Industry in the First Quarter

More information

THE EUROPEAN INVESTMENT FUND AND THE EVIDENCE OF THE UNDERTAKINGS FOR COLLECTIVE INVESTMENT IN TRANSFERABLE SECURITIES (UCITS) MARKET

THE EUROPEAN INVESTMENT FUND AND THE EVIDENCE OF THE UNDERTAKINGS FOR COLLECTIVE INVESTMENT IN TRANSFERABLE SECURITIES (UCITS) MARKET 40 THE EUROPEAN INVESTMENT FUND AND THE EVIDENCE OF THE UNDERTAKINGS FOR COLLECTIVE INVESTMENT IN TRANSFERABLE SECURITIES (UCITS) MARKET Prof. Ioan TRENCA, PhD Junior Assist. Cristina CURUŢIU University

More information

First Half 2014 Taiwan Life Insurance Market Overview

First Half 2014 Taiwan Life Insurance Market Overview First Half 2014 Taiwan Life Insurance Market Overview I. Life Insurance Industry Business and Financial Overview A. Business Statistical Overview The life insurance industry in Taiwan delivered NTD1,340.5

More information

Trends in the European Investment Fund Industry. in the Fourth Quarter of 2015. Results for the Full Year of 2015

Trends in the European Investment Fund Industry. in the Fourth Quarter of 2015. Results for the Full Year of 2015 Quarterly Statistical Release February 2016, N 64 This release and other statistical releases are available on Efama s website (www.efama.org) Trends in the European Investment Fund Industry in the Fourth

More information

2 11,455. Century Small Cap Select Instl SMALL-CAP as of 09/30/2015. Investment Objective. Fund Overview. Performance Overview

2 11,455. Century Small Cap Select Instl SMALL-CAP as of 09/30/2015. Investment Objective. Fund Overview. Performance Overview SMALL-CAP as of 09/30/2015 Investment Objective Century Small Cap Select Fund (CSCS) seeks long-term capital growth. Performance Overview Cumulative % Annualized % Quarter Year Since to Date to Date 1

More information

The Edge-Lipper Singapore Awards 2004 24.02.05

The Edge-Lipper Singapore Awards 2004 24.02.05 The Edge-Lipper Singapore Awards 2004 24.02.05 Lipper A Reuters Company Robin Thurston Vice President Global Director of Research, Media, and Marketing Lipper What we believe in Independence Objectivity

More information

master-feeder structures: made in luxembourg UCITS IV

master-feeder structures: made in luxembourg UCITS IV master-feeder structures: made in luxembourg UCITS IV What is a master-feeder structure? One of the main features of the UCITS IV Directive is the master-feeder structure, which provides for pooling of

More information

Management s Discussion and Analysis

Management s Discussion and Analysis Management s Discussion and Analysis 6 Financial Policy Sysmex regards increasing its market capitalization to maximize corporate value an important management objective and pays careful attention to stable

More information

Lipper FMI Breakfast Briefing

Lipper FMI Breakfast Briefing Lipper FMI Breakfast Briefing Mauro Baratta, Managing Director Bella Caridade-Ferreira, Head of Market Research Jérôme Couteur, Product Manager Paris 24 September 29 Data set snapshot EUROPEAN FUNDS 35,246

More information

Recent trends in the Investment Fund s Industry

Recent trends in the Investment Fund s Industry Recent trends in the Investment Fund s Industry A. European Investment Funds Market November 2014 The combined assets of the Investment Fund market in Europe, i.e. the market for UCITS and non-ucits, increased

More information

First quarter 2015 results 1

First quarter 2015 results 1 First quarter results 1 Luxembourg, May 5, Highlights Health and Safety frequency rate 2 of 1.3x in Q1 compared to 1.8x in Q4. Shipments of 469 thousand tonnes in Q1 compared to shipments of 439 thousand

More information

Press Release. Major Elements of the Consolidated Accounts. Balance Sheet

Press Release. Major Elements of the Consolidated Accounts. Balance Sheet Presse und Kommunikation MAIN TOWER Neue Mainzer Straße 52-58 60311 Frankfurt am Main www.helaba.de Tel.: +49 (0) 69 / 9132 2192 Wolfgang Kuß E-Mail: wolfgang.kuss@helaba.de Ursula-Brita Krück E-Mail:

More information

Monthly European ETF Market Trends SEPTEMBER 2015 in brief

Monthly European ETF Market Trends SEPTEMBER 2015 in brief LYXOR ETF BAROMETER OCTOBER 215 1 THIS DOCUMENT IS FOR THE E XCLUSIVE USE OF INVESTORS ACTING ON THEIR OWN ACCOUNT AND CATEGORIZED EITHER AS ELIGIBLE COUNTERPARTIES OR PROFESSIONAL CLIENTS WITHIN THE ME

More information

Trends in the European Investment Fund Industry. in the Second Quarter of 2014. Results for the first half of 2014

Trends in the European Investment Fund Industry. in the Second Quarter of 2014. Results for the first half of 2014 Quarterly Statistical Release September 2014, N 58 This release and other statistical releases are available on efama s website (www.efama.org) Trends in the European Investment Fund Industry in the Second

More information

Volume 8: January March 2014

Volume 8: January March 2014 BIST TRENDS REPORT by TUYID TURKISH INVESTOR RELATIONS SOCIETY & MKK CENTRAL REGISTRY AGENCY Volume 8: January March 2014 April 16, 2014 1 / 18 April 16, 2014 Dear Readers, We proudly present Volume VIII

More information

Volume 9: January June 2014

Volume 9: January June 2014 BIST TRENDS REPORT by TUYID TURKISH INVESTOR RELATIONS SOCIETY & MKK CENTRAL REGISTRY AGENCY Volume 9: January June July 11, 1 / 19 July 11, Dear Readers, We proudly present Volume IX of Borsa Istanbul

More information

DWS Euro-Bonds (Medium)

DWS Euro-Bonds (Medium) Marketing Material DWS Euro-Bonds (Medium) Bond Funds - EUR August 2015 As at 31/08/2015 Fund Data Investment Policy Euroland fixed income fund focusing on medium-term maturities. The fund invests in government

More information

InformatIon Nine-month business update 2012 8 November 2012

InformatIon Nine-month business update 2012 8 November 2012 Information Nine-month business update 2012 8 November 2012 Kuoni: higher turnover and improved operating earnings in the first nine months of 2012 Kuoni Group s turnover increased 17.5% to CHF 4476 million

More information

Monthly European ETF Market Trends OCTOBER 2015 in brief

Monthly European ETF Market Trends OCTOBER 2015 in brief LYXOR ETF BAROMETER NOVEMBER 215 1 THIS DOCUMENT IS FOR THE E XCLUSIVE USE OF INVESTORS ACTING ON THEIR OWN ACCOUNT AND CATEGORIZED EITHER AS ELIGIBLE COUNTERPARTIES OR PROFESSIONAL CLIENTS WITHIN THE

More information

Commerzbank: Operating profit more than doubled to EUR 685 m in the first quarter of 2015

Commerzbank: Operating profit more than doubled to EUR 685 m in the first quarter of 2015 Press release For business desks 7 May 2015 Commerzbank: Operating profit more than doubled to EUR 685 m in the first quarter of 2015 Revenues before loan loss provisions in the Group increased year-on-year

More information

Key monetary statistics September 2014

Key monetary statistics September 2014 Key monetary statistics September 2014 On a monthly basis, the monetary aggregate M3 increased by 0.6 percent to 1,059 billion dirhams. This change is mainly due to the 1.4 percent increase in bank lending

More information

FINANCIAL REPORT H1 2014

FINANCIAL REPORT H1 2014 FINANCIAL REPORT H1 2014 HIGH SPEED BY PASSION 02_Key Figures 03_Group Status Report 05_Consolidated Financial Statements 10_Notes 11_Declaration of the Legal Representatives 02 PANKL KEY FIGURES EARNING

More information

THOMSON REUTERS SELL-SIDE RESEARCH THOMSON ONE RESEARCH ANALYST WITH DATASTREAM GET THE COMPLETE PICTURE

THOMSON REUTERS SELL-SIDE RESEARCH THOMSON ONE RESEARCH ANALYST WITH DATASTREAM GET THE COMPLETE PICTURE THOMSON REUTERS SELL-SIDE RESEARCH THOMSON ONE RESEARCH ANALYST WITH DATASTREAM GET THE COMPLETE PICTURE INTRODUCING THOMSON ONE RESEARCH ANALYST WITH DATASTREAM Get the complete picture, differentiate

More information

Schwab Target Funds. Go paperless today. Simplify your financial life by viewing these documents online. Sign up at schwab.

Schwab Target Funds. Go paperless today. Simplify your financial life by viewing these documents online. Sign up at schwab. Annual report dated October 31, 2015, enclosed. Schwab Target Funds Schwab Target 2010 Fund Schwab Target 2015 Fund Schwab Target 2020 Fund Schwab Target 2025 Fund Schwab Target 2030 Fund Schwab Target

More information

ZEW OEE. Current Trends in the European Asset Management Industry Lot 1. Report. Zentrum für Europäische Wirtschaftsforschung GmbH

ZEW OEE. Current Trends in the European Asset Management Industry Lot 1. Report. Zentrum für Europäische Wirtschaftsforschung GmbH OEE Observatoire de l'epargne Européenne ZEW Zentrum für Europäische Wirtschaftsforschung GmbH Current Trends in the European Asset Management Industry Lot 1 Service Contract ETD/2005/IM/G4/97 Report Zentrum

More information

Institutional Investors and Slovene Stocks in 2014

Institutional Investors and Slovene Stocks in 2014 Institutional Investors and Slovene Stocks in 2014 Institutional Investors and Slovene Stocks in 2014 Capital markets were generally on a roller-coaster ride in 2014, with increased volatility and higher

More information

Monthly European ETF Market Trends AUGUST 2015 in brief

Monthly European ETF Market Trends AUGUST 2015 in brief LYXOR ETF BAROMETER SEPTEMBRE 215 1 THIS DOCUMENT IS FOR THE E XCLUSIVE USE OF INVESTORS ACTING ON THEIR OWN ACCOUNT AND CATEGORIZED EITHER AS ELIGIBLE COUNTERPARTIES OR PROFESSIONAL CLIENTS WITHIN THE

More information

PCA Index Survey Responses Fourth Quarter 2013 Craig Everett, Ph.D., MBA Director, Pepperdine Private Capital Markets Project

PCA Index Survey Responses Fourth Quarter 2013 Craig Everett, Ph.D., MBA Director, Pepperdine Private Capital Markets Project PCA Index Survey Responses Fourth Quarter 2013 Craig Everett, Ph.D., MBA Director, Pepperdine Private Capital Markets Project 2012 Pepperdine University. All rights reserved. Pepperdine Private Capital

More information

Why Treasury Yields Are Projected to Remain Low in 2015 March 2015

Why Treasury Yields Are Projected to Remain Low in 2015 March 2015 Why Treasury Yields Are Projected to Remain Low in 5 March 5 PERSPECTIVES Key Insights Monica Defend Head of Global Asset Allocation Research Gabriele Oriolo Analyst Global Asset Allocation Research While

More information

Mutual Funds - Fund Name and Number Guide May 31, 2016

Mutual Funds - Fund Name and Number Guide May 31, 2016 Mutual Funds - Fund Name and Number Guide May 31, 2016 Your complete guide to Fund Codes and MERs List of Funds Fund Name Asset Class Page - Fund Codes Page - MER Manulife Asia Equity Class Specialty Equity

More information

QUARTERLY REPORT 1/2001

QUARTERLY REPORT 1/2001 Industrial Automation 4CONTROL Automotive Electronics We set Standards in Control and Communication Technology Softing Everything under 4CONTROL For the first three months of 2001, turnover and EBIT of

More information

Summary Statement of Second Quarter Settlement of Accounts Fiscal Year Ending March 31, 2009

Summary Statement of Second Quarter Settlement of Accounts Fiscal Year Ending March 31, 2009 JASDAQ November 7, 2008 Summary Statement of Second Quarter Settlement of Accounts Fiscal Year Ending March 31, 2009 Listed Company Name: Plaza Create Co., Ltd. Listed Market: JASDAQ Code Number: 7502

More information

NAME: CLASS PERIOD: An Introduction to Stocks and Bonds

NAME: CLASS PERIOD: An Introduction to Stocks and Bonds 22.1 An Introduction to Stocks and Bonds There are many different ways to invest your money. Each of them has different levels of risk and potential return. Stocks and bonds are two common types of financial

More information

Taiwan Life Insurance Market Report for First Half of 2013

Taiwan Life Insurance Market Report for First Half of 2013 Taiwan Life Insurance Market Report for First Half of 2013 I. Life Insurance Financial and Business Overview A. Business Statistics and Overview In the first half of 2013, Taiwan life insurance companies

More information

2. Properties of the mutual fund industry

2. Properties of the mutual fund industry 2. Properties of the mutual fund industry Instead of starting with the quantitative empirical part right away, the following three chapters (chapters 2 to 4) will create context by delivering a useful

More information

ROMANIAN MUTUAL FUNDS ASSETS PARENTED BY ASSET MANAGEMENT BANKING COMPANIES DURING 2008-2013

ROMANIAN MUTUAL FUNDS ASSETS PARENTED BY ASSET MANAGEMENT BANKING COMPANIES DURING 2008-2013 ROMANIAN MUTUAL FUNDS ASSETS PARENTED BY ASSET MANAGEMENT BANKING COMPANIES DURING 2008-2013 Ioana POP-RADU Babes-Bolyai University, Doctoral School of the Faculty of Economic Sciences and Business Administration

More information

The Scenario. Copyright 2014 Pearson Education, Inc.

The Scenario. Copyright 2014 Pearson Education, Inc. BUSINESS SIMULATION: COMPETING IN AN OLIGOPOLISTIC MARKET (SIMULATION EXERCISE TO ACCCOMPANY KEAT, YOUNG, AND ERFLE, MANAGERIAL ECONOMICS: ECONOMIC TOOLS FOR TODAY S DECISION MAKERS, PEARSON, 7TH EDITION,

More information

Overview. carried interest. Copyright 2014 by Cambridge Associates LLC. All rights reserved.

Overview. carried interest. Copyright 2014 by Cambridge Associates LLC. All rights reserved. Overview Cambridge Associates LLC Global ex U.S. Developed and Emerging Markets Private Equity and Venture Capital Benchmark Commentary Quarter Ending September 30, 2013 During the third quarter, in U.S.

More information

DEFINITIVE ADVICE PRACTICAL GUIDANCE POWERFUL ADVOCACY LLP

DEFINITIVE ADVICE PRACTICAL GUIDANCE POWERFUL ADVOCACY LLP European Funds Practice DEFINITIVE ADVICE PRACTICAL GUIDANCE POWERFUL ADVOCACY LLP European Funds Practice Dechert s international Financial Services Practice features an industry-leading group of experienced

More information

9-MONTHS REPORT. Stable development of business in Q3 Lila Logistik confirms full-year forecast

9-MONTHS REPORT. Stable development of business in Q3 Lila Logistik confirms full-year forecast /08 9-MONTHS REPORT Stable development of business in Q3 Lila Logistik confirms full-year forecast Key figures for the first three quarters of 2008 in accordance with IFRS 01.01. 01.01. Change in Change

More information

The Chinese University of Hong Kong

The Chinese University of Hong Kong Member Review for The Chinese University of Hong Kong 8 & 9 March 2007 0 Agenda Fidelity Your Reliable Retirement Partner Portfolio Review Performance Market Review & Outlook Member Services 1 Fidelity

More information

Full year and fourth quarter 2014 results 1

Full year and fourth quarter 2014 results 1 Full year and fourth quarter results 1 Luxembourg, February 12, 2015 Highlights Health and Safety frequency rate 2 of 1.1x in compared to 1.3x in 2013. Shipments of 1,813 thousand tonnes in full year,

More information

Volume 10: January September 2014

Volume 10: January September 2014 BIST TRENDS REPORT by TUYID TURKISH INVESTOR RELATIONS SOCIETY & MKK CENTRAL REGISTRY AGENCY Volume 10: January September 2014 October 13, 2014 1 / 17 October 13, 2014 Dear Readers, We proudly present

More information

DEVOTEAM reports 2011 financials: 7% increase in revenues and 6% growth of diluted earnings per share

DEVOTEAM reports 2011 financials: 7% increase in revenues and 6% growth of diluted earnings per share DEVOTEAM reports 2011 financials: 7% increase in revenues and 6% growth of diluted earnings per share Paris, February 29 th, 2012 In millions of euros (1) 31.12.2011 31.12.2010 change Revenues 528.1 495.0

More information

Exchange Traded Funds A Brief Introduction

Exchange Traded Funds A Brief Introduction Exchange Traded Funds A Brief Introduction 1 What You Need to Know about ETFs 2 ETF Basics Benefits of ETFs ETFs vs. Mutual Funds The Role of ETFs in Your Portfolio Our Next Steps Appendix: FAQs 3 ETF

More information

Costs matter: Are US fund investors voting with their feet?

Costs matter: Are US fund investors voting with their feet? Costs matter: Are US fund investors voting with their feet? Vanguard research May 213 Executive summary. When investors evaluate a mutual fund, how much do costs matter to them? Mutual fund fees and expenses

More information

Go Further 1Q 2015 FIXED INCOME REVIEW APRIL 28, 2015

Go Further 1Q 2015 FIXED INCOME REVIEW APRIL 28, 2015 Go Further 1Q 2015 FIXED INCOME REVIEW APRIL 28, 2015 FORD CREDIT 1Q 2015 OPERATING HIGHLIGHTS* Another strong performance with pre-tax profit of $483 million and net income of $306 million Managed receivables

More information

NEW STRATEGIC INSIGHT US MUTUAL FUND OBJECTIVES ROLLOUT IN SIMFUND MF

NEW STRATEGIC INSIGHT US MUTUAL FUND OBJECTIVES ROLLOUT IN SIMFUND MF Monthly Fund Industry Review: January 2011 NEW STRATEGIC INSIGHT US MUTUAL FUND OBJECTIVES ROLLOUT IN SIMFUND MF Introducing 42 New Investment Objectives covering Alternative, Commodities, Balanced and

More information

Registered country information Vanguard Investment Series plc and Vanguard Funds plc

Registered country information Vanguard Investment Series plc and Vanguard Funds plc Registered country information Vanguard Investment Series plc and Vanguard Funds plc The value of investments, and the income from them, may fall or rise and investors may get back less than they invested.

More information

Nordex SE Conference Call 9M 2012. Hamburg, 13/11/2012

Nordex SE Conference Call 9M 2012. Hamburg, 13/11/2012 Nordex SE Conference Call 9M 2012 Hamburg, 13/11/2012 AGENDA 1. Highlights 9M 2012 Dr. J. Zeschky 2. Financials 9M 2012 B. Schäferbarthold 3. Guidance 2012 and market outlook B. Schäferbarthold 4. Strategy

More information

Volume 11: January December 2014

Volume 11: January December 2014 BIST TRENDS REPORT By TUYID TURKISH INVESTOR RELATIONS SOCIETY & MKK CENTRAL REGISTRY AGENCY Volume 11: January December 2014 January 15, 2015 1 / 21 January 28, 2015 Dear Readers, We proudly present Volume

More information

Fund commentary. John Hancock Retirement Living Portfolios Q1 2016

Fund commentary. John Hancock Retirement Living Portfolios Q1 2016 John Hancock Retirement Living Portfolios Fund commentary Seek: Long-term growth of capital or a balance between a high level of current income and growth of capital Use for: Broadly diversified, risk-targeted

More information

REPORT ON THE RESULTS OF THE BANK LENDING SURVEY Q1 2015

REPORT ON THE RESULTS OF THE BANK LENDING SURVEY Q1 2015 REPORT ON THE RESULTS OF THE BANK LENDING SURVEY Q1 2015 Belgrade, May 2015 Introductory note The National Bank of Serbia (NBS) launched the bank lending survey in 2014 with the aim of conducting a better

More information

Exchange Traded Funds A Brief Introduction

Exchange Traded Funds A Brief Introduction Exchange Traded Funds A Brief Introduction spdrs.com What You Need to Know about ETFs ETF Basics Potential Benefits of ETFs ETFs versus Mutual Funds The Role of ETFs in Your Portfolio Our Next Steps Frequently

More information

Thomson Reuters Spreadsheet Link Quick Reference Guide

Thomson Reuters Spreadsheet Link Quick Reference Guide Thomson Reuters Spreadsheet Link Quick Reference Guide INTRODUCTION This quick reference guide covers all of the basics that you need to know to get the most out of Thomson Reuters Spreadsheet Link. Our

More information

ACTIVE ETFS 2012. Thomson Reuters 2012. All rights reserved.

ACTIVE ETFS 2012. Thomson Reuters 2012. All rights reserved. ACTIVE ETFS 2012 Thomson Reuters 2012. All rights reserved. ACTIVE ETFS 2012 MAY 2012 Active exchange-traded funds (ETFs) have made quite a splash in the last few months, most likely attributed to an onslaught

More information

Nuveen Intelligent Risk Conservative Allocation Fund will be liquidated after the close of business on June 24, 2016.

Nuveen Intelligent Risk Conservative Allocation Fund will be liquidated after the close of business on June 24, 2016. NUVEEN INTELLIGENT RISK CONSERVATIVE ALLOCATION FUND SUPPLEMENT DATED APRIL 18, 2016 TO THE SUMMARY PROSPECTUS DATED DECEMBER 31, 2015 Nuveen Intelligent Risk Conservative Allocation Fund will be liquidated

More information

Investment risk Balancing investment risk and potential reward

Investment risk Balancing investment risk and potential reward Investment risk Balancing investment risk and potential reward This guide has been produced for educational purposes only and should not be regarded as a substitute for investment advice. Vanguard Asset

More information

Chapter 1 The Investment Setting

Chapter 1 The Investment Setting Chapter 1 he Investment Setting rue/false Questions F 1. In an efficient and informed capital market environment, those investments with the greatest return tend to have the greatest risk. Answer: rue

More information

Balance of payments and international investment position

Balance of payments and international investment position National Accounts 2015 Balance of payments and international investment position Current account in deficit in the second quarter, net capital outflow from Finland Current account deficit in the second

More information

GREAT-WEST CAPITAL MANAGEMENT, LLC (GWCM) RESEARCH NOTE JUNE 2015

GREAT-WEST CAPITAL MANAGEMENT, LLC (GWCM) RESEARCH NOTE JUNE 2015 GREAT-WEST CAPITAL MANAGEMENT, LLC (GWCM) RESEARCH NOTE JUNE 2015 An Inflection Point for Money Market Funds? New regulations related to money market funds will have significant impacts to plan sponsors

More information

Nordex SE Conference Call Q3 2013. Frankfurt/M. November 14, 2013

Nordex SE Conference Call Q3 2013. Frankfurt/M. November 14, 2013 Nordex SE Conference Call Q3 2013 Frankfurt/M. November 14, 2013 AGENDA Speaker: Dr. Jürgen Zeschky, CEO 1. Highlights 2. Market update 3. Business performance 4. Financials 5. Outlook and guidance 6.

More information

The Evolving High Yield Market

The Evolving High Yield Market The Evolving High Yield Market 214 3Q Newsletter When you re finished changing, you re finished. Benjamin Franklin Given the recent volatility in high yield markets, we thought it would be useful to examine

More information

QUARTERLY FINANCIAL STATEMENTS AS AT 30 SEPTEMBER 2011

QUARTERLY FINANCIAL STATEMENTS AS AT 30 SEPTEMBER 2011 QUARTERLY FINANCIAL STATEMENTS AS AT 30 SEPTEMBER Media telephone conference 8 November Agenda Overview Financial highlights Jörg Schneider 2 Munich Re (Group) Jörg Schneider 4 Torsten Oletzky 13 Torsten

More information

Frankfurt am Main 27 April 2010. Deutsche Bank reports first quarter 2010 net income of EUR 1.8 billion

Frankfurt am Main 27 April 2010. Deutsche Bank reports first quarter 2010 net income of EUR 1.8 billion Release Frankfurt am Main 27 April 2010 Deutsche Bank reports first quarter 2010 net income of EUR 1.8 billion Net revenues of EUR 9.0 billion, up 24% Second best quarterly income before income taxes of

More information

Absolute return: The search for positive returns in changing markets

Absolute return: The search for positive returns in changing markets Absolute return: The search for positive returns in changing markets Tuesday, 7 June 2011 Portfolio Manager for Global Fixed Income and Absolute Return Funds www.dbadvisors.com Topics for discussion What

More information

T. Rowe Price International Bond Fund T. Rowe Price International Bond Fund Advisor Class

T. Rowe Price International Bond Fund T. Rowe Price International Bond Fund Advisor Class T. Rowe Price International Bond Fund T. Rowe Price International Bond Fund Advisor Class Supplement to Prospectuses Dated May 1, 2015 In section 1, the portfolio manager table under Management with respect

More information

Financial information - 3 rd quarter and 9 months 2015/2016

Financial information - 3 rd quarter and 9 months 2015/2016 Press Release Paris, 11 February 2016 Financial information - 3 rd quarter and 9 months 2015/2016 Strong improvement in third quarter revenue, up 26% on 2014/2015 9 months revenue showed good growth at

More information

Report on the nine-month period ended July 31, 2004 WKN: 330 410 ISIN: DE0003304101

Report on the nine-month period ended July 31, 2004 WKN: 330 410 ISIN: DE0003304101 GERRY WEBER International AG Report on the first nine months of 2003/2004 Report on the nine-month period ended July 31, 2004 WKN: 330 410 ISIN: DE0003304101 The GERRY WEBER share: While the stock market

More information

Impact of Regulations and Risk Management in Financial Markets in Europe

Impact of Regulations and Risk Management in Financial Markets in Europe SALES OPPORTUNITY ASSESSMENT PRODUCT CATI EMERGING MARKET ENTRY STRATEGY CUSTOMER INTELLIGENCE MARKET SIZING AND FORECASTING INDUSTRY BEST PRACTICE CUSTOMER NEED BEST PRACTICE ASSESSMENT COMPETITIVE INTELLIGENCE

More information

Institutional Investors and Hungarian Stocks in 2014

Institutional Investors and Hungarian Stocks in 2014 Institutional Investors and Hungarian Stocks in 2014 Institutional Investors and Hungarian Stocks in 2014 Capital markets were generally on a roller-coaster ride in 2014, with increased volatility and

More information

Econ 330 Exam 1 Name ID Section Number

Econ 330 Exam 1 Name ID Section Number Econ 330 Exam 1 Name ID Section Number MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) If during the past decade the average rate of monetary growth

More information

Invesco Fixed Income Invesco Active Multi-Sector Credit Fund

Invesco Fixed Income Invesco Active Multi-Sector Credit Fund Invesco Fixed Income Invesco Active Multi-Sector Credit Fund This marketing document is exclusively for use by Qualified Investors in Switzerland, Professional Clients and Financial Advisers in other Continental

More information

Axel Strotbek Member of the Board of Management of AUDI AG Finance and Organization. Speech at the Annual Press Conference Ingolstadt, March 9, 2010

Axel Strotbek Member of the Board of Management of AUDI AG Finance and Organization. Speech at the Annual Press Conference Ingolstadt, March 9, 2010 Axel Strotbek Member of the Board of Management of AUDI AG Finance and Organization Speech at the Annual Press Conference Ingolstadt, March 9, 2010 Please note: Check against delivery Chart: Logo As our

More information

For professional investors and advisors only. Not suitable for retail clients. Schroder Life Flexible Retirement Fund

For professional investors and advisors only. Not suitable for retail clients. Schroder Life Flexible Retirement Fund May 2016 For professional investors and advisors only. Not suitable for retail clients. Schroder Life Flexible Retirement Fund Improving the DC journey Members in a defined contribution (DC) pension scheme

More information

Retail investment drops to 10 billion in Q1 following five quarters of exceptional turnover

Retail investment drops to 10 billion in Q1 following five quarters of exceptional turnover 2008.1 2008.2 2008.3 2008.4 2009.1 2009.2 2009.3 2009.4 2010.1 2010.2 2010.3 2010.4 2011.1 2011.2 2011.3 2011.4 2012.1 2012.2 2012.3 2012.4 2013.1 2013.2 2013.3 2013.4 2014.1 2014.2 2014.3 2014.4 2015.1

More information

Your investment options

Your investment options Your options Contents Introducing RBC Global Asset Management i Serving Clients with a Winning Strategy i Investing Starts with Understanding Your Goals ii Guaranteed Investment Certificates 1 Group Savings

More information

Measuring performance Update to Insurance Key Performance Indicators

Measuring performance Update to Insurance Key Performance Indicators Measuring performance Update to Insurance Key Performance Indicators John Hele Member of Executive Board and CFO of ING Group Madrid 19 September 2008 www.ing.com Agenda Performance Indicators: Background

More information

Investor & Analyst Conference Call

Investor & Analyst Conference Call Interim Financial i lreport H1/2015 Investor & Analyst Conference Call 06 August 2015 Investor Relations Agenda. 1. Financials H1/2015 2. Review and outlook 2015 Page 2 SGL Group Investor Relations 06

More information

T. Rowe Price International Stock Portfolio

T. Rowe Price International Stock Portfolio T. Rowe Price International Stock Portfolio Supplement to Summary Prospectus Dated May 1, 2014 The portfolio manager table under Management is supplemented as follows: Effective April 1, 2015, Richard

More information

Outlook for European Real Estate in 2013. Mark Charlton, Head of Research & Forecasting

Outlook for European Real Estate in 2013. Mark Charlton, Head of Research & Forecasting Outlook for European Real Estate in 2013 Mark Charlton, Head of Research & Forecasting Tuesday 20 th November 2012 Europe - uncertainty continues to buffet sentiment Oct 06 Oct 07 Oct 08 Oct 09 Oct 10

More information

Data from the International Investment Funds Association (IIFA)

Data from the International Investment Funds Association (IIFA) MONEY MARKET FUNDS DRAFT REPORT AMIC Meeting, Brussels December 12, 2008 Money market funds (MMFs) developed in the early 1970s in the US. They evolved from 1971 onwards in response to the restrictions

More information

Bank Austria IR Release

Bank Austria IR Release Bank Austria IR Release Günther Stromenger +43 (0) 50505 57232 Vienna, 12 February 2015 Preliminary results 1 for the 2014 financial year: Bank Austria posts net profit of about EUR 1.4 billion Sound operating

More information

I will now give you an overview of our third quarter financial results using the document titled Consolidated Results of Operations.

I will now give you an overview of our third quarter financial results using the document titled Consolidated Results of Operations. I will now give you an overview of our third quarter financial results using the document titled Consolidated Results of Operations. Please turn to page two. 1 For the nine months to December, net revenue

More information

Xetra. The market. Xetra: Europe s largest trading platform for ETFs. ETF. One transaction is all you need.

Xetra. The market. Xetra: Europe s largest trading platform for ETFs. ETF. One transaction is all you need. Xetra. The market. Xetra: Europe s largest trading platform for ETFs ETF. One transaction is all you need. Deutsche Börse Group is the leading global service provider to the securities industry. Its cutting-edge

More information

Learn about exchange-traded funds. Investor education

Learn about exchange-traded funds. Investor education Learn about exchange-traded funds Investor education Become a more knowledgeable exchange-traded funds investor In this education guide, you ll get answers to common questions about exchange-traded funds,

More information

The mutual fund graveyard: An analysis of dead funds

The mutual fund graveyard: An analysis of dead funds The mutual fund graveyard: An analysis of dead funds Vanguard research January 2013 Executive summary. This paper studies the performance of mutual funds identified by Morningstar over the 15 years through

More information

Emerging Markets Bond Fund Emerging Markets Corporate Bond Fund Emerging Markets Local Currency Bond Fund International Bond Fund

Emerging Markets Bond Fund Emerging Markets Corporate Bond Fund Emerging Markets Local Currency Bond Fund International Bond Fund PROSPECTUS PREMX TRECX PRELX RPIBX T. Rowe Price Emerging Markets Bond Fund Emerging Markets Corporate Bond Fund Emerging Markets Local Currency Bond Fund International Bond Fund May 1, 2016 A choice of

More information

E.ON AG Conference Call - Nine Months Results 2005. November 10, 2005. Presentation: Dr. Erhard Schipporeit. Please check against delivery

E.ON AG Conference Call - Nine Months Results 2005. November 10, 2005. Presentation: Dr. Erhard Schipporeit. Please check against delivery E.ON AG Conference Call - Nine Months Results 2005 November 10, 2005 Presentation: Dr. Erhard Schipporeit Member of the Board of Management and CFO Please check against delivery Page 2 of 8 Thank you Mr.

More information

Nordex SE Conference Call Q1 2013. Frankfurt/Main May 15, 2013

Nordex SE Conference Call Q1 2013. Frankfurt/Main May 15, 2013 Nordex SE Conference Call Q1 2013 Frankfurt/Main May 15, 2013 AGENDA 1. Highlights Dr. J. Zeschky 2. Market Update and business performance Dr. J. Zeschky 3. Financials B. Schäferbarthold 4. Summary and

More information

Sophisticated investments. Simple to use.

Sophisticated investments. Simple to use. Russell LifePoints INSTITUTIONAL TARGET DATE FUNDS Sophisticated investments. Simple to use. INVESTED. TOGETHER. Now your default option can be your best option. If your target date funds are projected

More information

Interim Report HORNBACH HOLDING AG GROUP. 1st QUARTER 2004/2005 (March 1 to May 31, 2004)

Interim Report HORNBACH HOLDING AG GROUP. 1st QUARTER 2004/2005 (March 1 to May 31, 2004) Interim Report HORNBACH HOLDING AG GROUP 1st QUARTER 2004/2005 (March 1 to May 31, 2004) page 2 HORNBACH HOLDING AG Group Interim Report (IFRS) for the First Quarter of 2004/2005 (March 1 to May 31, 2004)

More information

2014 Asia Securities Forum Presented by the Korea Financial Investment Association

2014 Asia Securities Forum Presented by the Korea Financial Investment Association 2014 Asia Securities Forum Presented by the K O R E A I. Korean Capital Market I. Current Status II. Prospects II. Korean Financial Investment Industry C O N T E N T S III. Capital Market Regulations 2

More information