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Lutnick Says BGC in Talks With GFI Group for Consensual Takeover
February 19, 2015--Howard Lutnick says he's on the verge of succeeding in his six-month campaign to acquire interdealer broker GFI Group Inc.
Lutnick's BGC Partners Inc. is in talks with GFI’s board for a consensual agreement related to its $6.10-per-share bid, BGC said in a statement. A tender offer for GFI shareholders is set to expire at 5 p.m. Thursday in New York.
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Source: Bloomberg
DeAWM adds senior market head to cover Latin America
February 19, 2015--Deutsche Asset & Wealth Management (Deutsche AWM) has appointed Santiago Trigo as a Managing Director and Market Head for the combined region of Southern Cone and Andean.
Based in Miami, Trigo will be responsible for executing the regional strategy and delivering Deutsche AWM's wealth management platform to this region in Latin America.
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Source: Wealth Adviser
PowerShares Canada to increase NAV on three ETFs
February 19, 2015--PowerShares Canada announced today that it will increase the net asset value (NAV) of three TSX-listed PowerShares exchange-traded funds (the "ETFs") calculated after close of business on February 20, 2015.
PowerShares Fundamental High Yield Corporate Bond (CAD Hedged) Index ETF [TSX: PFH] and PowerShares Senior Loan (CAD Hedged) Index ETF [TSX: BKL] invest in one or more U.S. Regulated Investment Companies (RICs) that earn and distribute qualified interest-related dividends.
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Source: Invesco Canada Ltd.
RISE ETF (NYSEArca:RISE) Offers Unique Hedge Against Rising Interest Rates
February 19, 2015--ETF Managers Capital LLC, a subsidiary of ETF Managers Group, in partnership with Sit Investment Associates today successfully launched the first exchange traded fund (ETF) designed to hedge rising interest rates by targeting a constant negative 10 year bond duration.
Fund details:
Sit Rising Rate ETF (RISE) seeks to profit from rising interest rates by tracking the performance of a portfolio consisting of exchange traded futures contracts and options on futures on 2, 5 and 10-year U.S. Treasury securities weighted to achieve a targeted negative 10 year average effective portfolio duration.
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Source:ETF Managers Capital
AdvisorShares Weekly Market Update: All Time Highs But Is There Trouble Brewing?
February 19, 2015--Macro
Domestic equity markets were higher last week, including a couple of all-time highs. The Dow Jones Industrial Average was up 1.09%, closing above 18,000, the S&P 500 was up 2.0% to close at a record high, the NASDAQ lead the way with a 3.14% gain and the Russell 2000 was up 1.65% to also
notch an all-time high.
Last week's AdvisorShares Alpha Call featured Charles Biderman, Brad Lamensdorf and John Del Vecchio and one
subject covered was the extent to which market leadership has been narrowing as fewer stocks are making new highs
despite the broad indexes being close to, or at all-time highs.
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Source: AdvisorShares
Minutes Of The Federal Open Market Committee, January 27-28, 2015
February 18, 2015--The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on January 27-28, 2015.
view the Minutes Of The Federal Open Market Committee, January 27-28, 2015
Source: federalreserve.gov
Treasury International Capital Data For December
February 18, 2015--The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for December 2014. The next release, which will report on data for January 2015, is scheduled for March 16, 2015.
The sum total in December of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a monthly net TIC outflow of $174.8 billion. Of this, net foreign private outflows were $143.7 billion, and net foreign official outflows were $31.1 billion.
Foreign residents decreased their holdings of long-term U.S. securities in December; net sales were $5.8 billion. Net purchases by private foreign investors were $14.5 billion, while net sales by foreign official institutions were $20.3 billion.
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Source: US Treasury
Morgan Stanley US ETF Weekly Update
February 18, 2015--US ETF Weekly Update
Weekly Flows: $8.8 Billion Net Inflows
Fourth Consecutive Week of Net Inflows
High-conviction ETF Recommendations Slide
ETF Assets Stand at $2.0 Trillion
Six ETF Launches Last Week
US-Listed ETFs: Estimated Flows by Market Segment
ETFs posted net inflows of $8.8 bln last week; fourth consecutive week of net inflows
Last week's net inflows were led by International - Developed ETFs at $4.3 bln; conversely, US Sector & Industry ETFs posted net outflows of $934 mln,the most of any category we measured
Nine of the 15 categories we measured posted net inflows last week
ETF assets stand at $2.0 tln,up 4% YTD
13-week flows remain positive among most asset classes; combined $84.9 bln in net inflows
Fixed Income ETFs generated net inflows of $25.8 bln over the last 13 weeks,the most of any category,and accounted for 30% of total ETF net inflows
International - Emerging ETFs exhibited net outflows of $4.3 bln over the last 13 weeks,the most of any category,and one of only four segments to post net outflows; notably,International - Developed ETFs posted net inflows of $19.5 bln over the same time period illustrating the divergence of international equities
US-Listed ETFs: Estimated Largest Flows by Individual ETF
SPDR S&P 500 ETF (SPY) posted net inflows of $1.7 bln last week,leading all ETFs
Despite SPY's strong net inflows last week,over the last 13 weeks, the fund has exhibited net outflows of $7.0 bln
The WisdomTree Europe Hedged Equity Fund (HEDJ) had another positive week of net flows at $658 mln; over the last 13 weeks, HEDJ generated net inflows of $6.0 bln, more than any ETF, and 58% of its current market cap
Notably, the iShares iBoxx $ High Yield Corporate Bond ETF (HYG) had another week of net inflows; HYG generated net inflows of $599 mln last week and $3.3 bln over the last 13 weeks
The iShares Russell 2000 ETF (IWM) posted net outflows of $647 mln last week; IWM's recent flows have been erratic as the fund has not exhibited net flows in one direction for three consecutive weeks since July 2014
US-Listed ETFs: ETF Dollar Volume
ETF monthly $ volume as a % of listed trading was essentially flat in January at 29% relative to December; over the last 5 years, ETF monthly $ volume as a % of listed trading volume averaged 28%
Over the last five years, ETF monthly $ volume as a % of listed trading volume peaked in August 2011 at 36%
ETF $ volume decreased by $113 bln last week compared to the prior week and is 16% below its 13-week average
US Large-Cap ETFs accounted for 39% of ETF $ volume last week, below their 43% 13-week average; US Large-Cap ETFs make up 26% of ETF market share
US-Listed ETFs: Short Interest Data Updated: Based on data as of 1/30/15
SPDR S&P 500 ETF (SPY) had the largest increase in USD short interest at $2.1 bln
Despite SPY's recent increase in shares short, its 228 mln shares short are 9% below its 52-week average
Notably, shares short for the Energy Select Sector SPDR (XLE) are at 54 mln and have declined for four consecutive periods
670 ETFs exhibited short interest increases while 659 experienced short interest declines over the last period
Aggregate ETF USD short interest declined by $751 mln over the period ended 1/30/15
The average shares short/shares outstanding for ETFs is currently 3.6%, down from 3.8% last period
For the fifth straight period, the CurrencyShares Euro Trust (FXE) was the most heavily shorted ETF as a % of shares outstanding at 240%, but is down from the prior period's 457%
Eight of the 10 most heavily shorted ETFs as a % of shares outstanding are sector based (SMH, BBC, DRV, XBI, XOP, XRT, IYR, KRE)
Based on multiple borrowings and the ability to continuously create new shares, shares short as a % of shares outstanding can exceed 100% (only six ETFs exhibited shares short as a % of shares outstanding greater than or equal to 100%)
US-Listed ETFs: Most Successful Recent Launches by Assets
$10.5 bln in total market cap of ETFs less than 1-year old
Active ETFs make up 34% of recently launched ETF market share, the most of any ETF category; based on the number of SEC filings, we anticipate Active ETF issuance to remain robust
Twenty-four new ETF listings and 21 closures YTD
The top 10 most successful launches make up 56% of the market cap of ETFs launched over the past year
Five ETF sponsors and three asset classes (equity, fixed income, and commodity) were represented in top 10 most successful launches
The iShares Commodity Select Strategy ETF (COMT) generated net inflows of $312 mln last week, the most of any recently launched ETF; COMT is an actively managed ETF that invests in commodity futures contracts and commodity producer stocks
Notably, the PureFunds ISE Cyber Security ETF (HACK) has posted $57 mln in net inflows over the last four weeks and has gathered meaningful attention given recent cybersecurity threats and crimes
request report
Source: Morgan Stanley
BATS Global Markets reportedly to replace CEO
February 18, 2015--BATS Global Markets is preparing to launch an initial public offering again, three years after a software problem forced a halt to a previous attempt.
The company is expected to appoint Chris Concannon, a former executive at high-speed trader Virtu Financial, as chief executive, while CEO Joseph Ratterman would become board chairman, sources say.
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Source: SmartBrief
Legg Mason Announces Hire Of Seasoned ETF Professionals
Team will lead the creation and execution of new product offerings with Legg Mason investment affiliates
February 18, 2015--Legg Mason Inc., (NYSE: LM), today announced that the firm has hired Rick Genoni and Brandon Clark to lead the firm's strategy in the ETF product category.
The team joins Legg Mason from The Vanguard Group where they collectively had nearly 18 years of experience in the ETF business. Mr. Genoni led Vanguard's Index and ETF product management team and Mr. Clark led Vanguard's ETF Capital Markets Group.
"Our product development agenda is driven by our clients' needs and preferences. The ETF vehicle continues to evolve beyond the delivery of traditional index-based passive products and we want to have the ability to offer an ETF vehicle where it is beneficial to clients and consistent with our affiliates' existing investment process.
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Source: CNN
