Thursday 2nd July 2015
NEWS TICKER: WEDNESDAY, JULY 1st 2015: at €149.3bn in June (June 2014: €93.7bn). Some €140.1bn is attributable to Xetra (June 2014: €86.2bn). The average daily turnover on Xetra stood at €6.4 billion in June (June 2014: €4.1 bn).A turnover of €4.1bn was attributable to Börse Frankfurt (June 2014: €3.9bn) - Equity trading volumes on the Vienna Stock Exchange amounted to €30.60bn from January to June 2015. This corresponds to an increase of 24 % versus the same period last year. Following particularly lively turnover in March, trading activity has remained strong in subsequent months. The average monthly turnover in the first half-year was around €5.1bn, 28% higher than in the previous year (2014: €3.98bn). Rising prices were not the only factor driving up trading volumes - the number of exchange trades was also up this year from 38.8% (exchange trades executed: HY1 2014: 2.85m; HY1 2015: 3.96m). Austrian companies have raised a volume of €195m in fresh capital through capital increases in the first half of 2015 - Markit (Nasdaq: MRKT), the financial information services provider, says it has completed its acquisition of Information Mosaic, a software provider for corporate actions and post trade securities processing. The Information Mosaic business is being integrated into Markit’s Solutions division and will be led by Paul Taylor, managing director, reporting to Michele Trogni, managing director and cohead of Solutions - Gerry Rice, director of communications at the International Monetary Fund (IMF), made the following statement today regarding Greece’s financial obligations to the IMF due today: “I confirm that the SDR 1.2 billion repayment (about EUR 1.5bn) due by Greece to the IMF today has not been received. We have informed our Executive Board that Greece is now in arrears and can only receive IMF financing once the arrears are cleared. I can also confirm that the IMF received a request today from the Greek authorities for an extension of Greece’s repayment obligation that fell due today, which will go to the IMF’s Executive Board in due course.” - Morningstar has downgraded the Neptune European Opportunities fund to a Morningstar Analyst Rating™ of Bronze. The fund previously held a Silver rating. The fund remains a solid choice as an unconstrained European equity offering, boasting a talented and longstanding manager in Rob Burnett. However, the risk-return profile of the fund has deteriorated over recent years as the manager has made a number of ill-timed shifts in the portfolio which have resulted in significant performance variability and heavily weighed on the fund’s three- and five-year risk-adjusted returns. Whilst Morningstar continues to think very well of Burnett and expects investors to benefit from his moves to limit short-term trading and make better use of the risk management tools at his disposal, Morningstar believes a Bronze rating provides a better reflection of the fund’s relative merits – The shares of Cassiopea were traded for the first time under the Main Standard of SIX Swiss Exchange, opening at CHF35.00. This corresponds to a total market capitalisation of around CHF350m - Further to its public offer of up to 1,000,000 Certificates to be issued by Deutsche Bank AG under its X-markets programme, the bank has issued 45,000 securities at a price of U$100 per certificate today. Application has been made for the Securities to be admitted to listing on the official list of the Luxembourg Stock Exchange and to trading on the Euro-MTF market of the Luxembourg Stock Exchange - The Straits Times Index (STI) ended 13.81 points or 0.42% higher to 3331.14, taking the year-to-date performance to -1.01%. The top active stocks today were Singtel, which gained 1.19%, SGX, which gained 4.47%, DBS, which declined 0.92%, OCBC Bank, which declined 0.10% and Global Logistic, with a 1.19% advance. The FTSE ST Mid Cap Index gained 0.09%, while the FTSE ST Small Cap Index rose 0.14%. The outperforming sectors today were represented by the FTSE ST Real Estate Holding and Development Index, which rose 1.35%. The two biggest stocks of the Index - Hongkong Land Holdings and Global Logistic Properties – ended 2.32% higher and 1.19% lower respectively. The underperforming sector was the FTSE ST Technology Index, which slipped 1.63%. Silverlake Axis shares declined 3.57% and STATS ChipPAC gained 0.97%.

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RBC Dexia/Accenture report says change is due in Spanish investment industry

Friday, 15 June 2012
RBC Dexia/Accenture report says change is due in Spanish investment industry The shape of Spain’s asset management industry is set to change dramatically according to a report by RBC Dexia and Accenture. http://www.ftseglobalmarkets.com/

The shape of Spain’s asset management industry is set to change dramatically according to a report by RBC Dexia and Accenture.

The RBC Dexia/Accenture report predicts further concentration of Spain’s asset management industry into fewer, more specialised managers and a stronger focus on improving efficiency and performance. Improvements in technology will also be vital to success, with outsourcing high on the agenda. José Maria Alonso-Gama, managing director of RBC Dexia in Spain, sets the scene, explaining that: “Spanish fund firms are concentrating on bottom-line indicators such as fund performance and increased assets under management. They recognise the need to restore credibility and investor confidence by showing they are delivering on their performance promises.”

The report is based on a survey of 33 asset management firms in Spain in the first quarter of 2012 by RBC Dexia Investor Services and Accenture. Some 33% of respondents have more than €1bn in assets under management (AUM), 46% have between €200m and €1bn in AUM and 21% have less than €200m in AUM.



Although the industry is dominated by a small number of firms, with the top three managers accounting for 45 percent of assets under management, the average size of funds in Spain is only €57m. This compares with an average of €300m in Switzerland and €262m in the UK. The total number of funds in Spain has been contracting (down by about 20% to 2,500 in the past three years due to industry consolidation) and the report expects this trend to continue with, “The evolution of larger and more specialised companies with rationalised fund ranges”.

Also according to the report, of the 33 investment companies surveyed, 95% of local managers and 91% of foreign managers cited increased assets under management as a key indicator of success over the next two years. Fund performance was cited by 91% and 73% respectively and increased service quality by 86% and 45%. When it came to development of new products, 36% of foreign managers cited this as important but only 9% of local managers.

Over 80% of independent managers in Spain believe that the Undertakings for Collective Investment in Transferable Securities IV (UCITS IV) directive will make it easier to distribute investment funds abroad by creating a common regulatory environment. However, 70% of local managers were also concerned that it would lead to increased competition from overseas funds while independent managers were worried it would result in increased reporting obligations.

More than two-thirds of respondents cited improving technology as the most important factor in increasing efficiency. Most managers (90% of foreign managers and all local Spanish managers) expected an increase in the number of fund managers outsourcing certain functions in coming years. And 90% of those surveyed said there would be an increase in the diversity of functions outsourced in coming years. “The increased risks control imposed by new regulations and cross-border distribution opportunities that they also create, require increasingly sophisticated technology,” says Diego López Abellán, of Accenture’s Capital Markets practice for Spain. “Outsourcing can play a pivotal role in enabling continuous technology upgrades while avoiding costly investment.

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