Statistics
European ETF Assets Slip After Climbing To New Peak - Lipper
Exchange-traded funds in Europe rose to an all-time high of €186.89 billion (around $240 billion) in May before declining in the following month to €183.89 billion, according to research firm Lipper.
Other figures compiled by Lipper showed that the ETF market remains dominated by a handful of brands and stock markets, meanwhile.
Equity and money market ETFs suffered a drop in assets - coinciding with a period of market volatility - while all other asset classes enjoyed rising assets, the report, which focuses on European ETFs, said.
ETFs have grown rapidly as a market, fuelled by investor appetite for low-fee, index-tracking products. For example, discretionary wealth managers often use them as building blocks in constructing client portfolios. ETFs now track a wide range of asset classes such as infrastructure and commodities.
The average monthly turnover in euros for the second quarter of 2010 was up by 31.40 per cent - from €39.11 billion for first quarter 2010 to €51.40 billion for second quarter 2010. These numbers were driven by a new all-time high in on-exchange turnover in May 2010.
The ETF market remains dominated by the largest five stock exchanges in Europe, which collectively accounted for 90.74 per cent of the average quarterly on-exchange turnover.
iShares – now the ETF brand of BlackRock – is the largest European ETF provider by assets, with €61.69 billion, followed by Lyxor (part of Société Générale), at €34.06 billion; db x-trackers (part of Deutsche Bank), at €28.66 billion; Credit Suisse XMTC, at €8.79 billion; ZKB (of Züricher Kantonalbank of Switzerland), at €7.25 billion; State Street, at €7.12 billion; ComStage, (part of Commerzbank), at €5.07 billion; Amundi (the merged SocGen/Crédit Agricole business), at €4.52 billion; EasyETF (a JV of AXA and BNP Paribas), at €4.23 billion; UBS, at €3.64 billion, Source (part of a bank consortium), at €3.29 billion, and others, at €11.0 billion.
The exchanges in Germany had the highest market share (30.29 per cent), followed by the aggregated Euronext (19.07 per cent), LSE London (17.87 per cent), Borsa Italiana (12.41 per cent) and SIX Swiss Exchanges (11.09 per cent), the report added.