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www.etfexpress.com special report September 2015 Guide to ETFs for Wealth & Asset Managers Rise in ETF usage Currency hedged Abenomics aids by wealth and ETFs boom under Japanese market, asset managers Swiss care UK sees RDR boost CONTENTS In this issue… 03 ETF usage by wealth managers in the UK is on the rise By Beverly Chandler 05 Abenomics invigorates Japanese ETFs Interview with Koei Imai & Geoffrey Post, Nikko Asset Management 07 Currency hedged ETFs boom under Swiss care Interview with Andrew Walsh, UBS 11 Investing smart with buyback ETFs By Fannie Wurtz, Amundi 13 Asserting fundamentals over sentiment By Nitesh Shah, ETF Securities 16 Pioneer ETF firm offers essential range Interview with Arnaud Llinas, Lyxor Asset Management 18 RDR aids ETF growth in the UK Interview with Hector McNeil, WisdomTree Europe Publisher Managing Editor: Beverly Chandler, [email protected] Contributing Editor: James Williams, [email protected] Online News Editor: Mark Kitchen, [email protected] Deputy Online News Editor: Leah Cunningham, [email protected] Graphic Design: Siobhan Brownlow, [email protected] Sales Managers: Simon Broch, [email protected]; Malcolm Dunn, [email protected] Marketing Administrator: Marion Fullerton, [email protected] Head of Events: Katie Gopal, [email protected] Head of Awards Research: Mary Gopalan, [email protected] Chief Operating Officer: Oliver Bradley, [email protected] Chairman & Publisher: Sunil Gopalan, [email protected] Photographs: iStock Photo Published by: GFM Ltd, Floor One, Liberation Station, St Helier, Jersey JE2 3AS, Channel Islands Tel: +44 (0)1534 719780 Website: www.globalfundmedia.com ©Copyright 2015 GFM Ltd. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publisher. Investment Warning: The information provided in this publication should not form the sole basis of any investment decision. No investment decision should be made in relation to any of the information provided other than on the advice of a professional financial advisor. Past performance is no guarantee of future results. The value and income derived from investments can go down as well as up. GUIDE TO ETFs Special Report Sep 2015 www.etfexpress.com | 2 OVERVIEW ETF usage by wealth managers in the UK is on the rise By Beverly Chandler Boutique asset managers favour ETFs Wealth and asset managers in the UK was one of the findings of a recent survey are increasingly using ETFs for their clients conducted by research firm TABB Group portfolios and the direct result can be found for software company SunGard. Some 48 in the news that ETF assets have overtaken per cent saw ETFs as an area of significant hedge fund assets. demand from investors, with many boutique The second quarter of 2015 saw ETFGI managers using ETFs as a low cost way of reporting that there was USD2.971 trillion investing in an asset class and bolstering invested in the 5,823 ETFs/ETPs listed performance through stock picking and direct globally at the end of Q2 2015, while hedge investment. fund assets over the same period stood at Commenting on the research, Trevor USD2.969 trillion, invested in 8,497 hedge Headley, head of product management of funds according to Hedge Fund Research. SunGard’s boutique asset management The two industries have been locked into business, says that ETFs are increasingly a step-by-step competition for greater assets being used as by this group as an efficient within the alternative sector since ETFs base for focused portfolio construction. arrived on the scene, over 20 years ago, but 9 GUIDE TO ETFs Special Report Sep 2015 www.etfexpress.com | 3 C M Y CM MY CY CMY K NIKKO ASSET MANAGEMENT Abenomics invigorates Japanese ETFs Interview with Koei Imai & Geoffrey Post There are convincing signs, including the a local manager with significant assets. recent 18-year high of the Nikkei share index, “We can invest at a lower cost resulting in that Abenomics is reinvigorating the world’s superior tracking,” Post says. “One of the third largest economy. The Japanese ETF areas we are proud of is the quality of our industry too has enjoyed tremendous growth ETFs – a low tracking difference is one of under Prime Minister Shinzo Abe’s economic the investors’ key decision criteria when reforms and now some leading Japanese ETF looking at these products.” providers are courting Western investors. One of the developments of Abenomics Nikko Asset Management, one of the has been the launch of the Nikkei JPX 400; pioneers of the ETF business in Japan, a new index composed of companies with launched their first ETF back in 2001. Tokyo- Koei Imai, head of ETF Centre, high appeal for investors and designed to based Koei Imai, head of the firm’s ETF Nikko Asset Management drive change in corporate Japan. Centre, explains that the Japanese ETF “It is a very interesting story and an market underwent significant deregulation important tool for investors as Japanese in 2007 in an effort to encourage greater institutions migrate to this as the default product innovation. Nikko Asset Management index,” Imai explains. “It gives them the saw this as an opportunity and today the opportunity to invest in companies with firm is Japan’s second-largest ETF provider. high profitability and return on investment London-based Geoffrey Post, who is as well as good governance.” Nikko Asset responsible for developing Nikko Asset Management was one of the first to launch Management’s ETFs in Europe, explains: “As an ETF based on the Nikkei JPX400 in Asia’s premier global asset manager our focus January 2014, now the fund has USD500 is on bringing Asian investment solutions to million under management2. western investors as well as global investment Geoffrey Post, head of Real estate investment trusts (REITS) is solutions to Asian investors.” ETFs Europe, Nikko Asset another area in which the asset manager is Management He notes that the firm is differentiated seeing growth. The firm has USD800 million from the majority of large established under management in Japanese REITS and managers investing in Asian markets, as it is Imai reports that it is popular with institutions headquartered in Asia and the majority of its and private investors3. “Real estate in Japan investment professionals are based in Asia. is recovering,” he says, “and there is extra The firm manages USD160 billion in total momentum from the 2020 Olympics and assets1, including USD37 billion of indexed associated development projects, plus in assets. The firm’s TOPIX ETF has USD10.5 a low global interest rate environment the billion under management while their Nikkei current yield is competitive.” 225 ETF has USD12 billion. Imai believes that the ETF market is The ETF range from Nikko Asset poised to continue to grow rapidly in Japan; Management offers distinct advantages. at a recent seminar with investors from “We are in a good position to provide 12 Japanese banks ETFs dominated the products that are run from the local Asian discussion. “Previously, people were not markets,” Post says. “There are a number motivated to invest in the Japanese market of advantages but in particular people can but now due to Abenomics, ETFs are invest when the local markets are open expected to grow significantly,” Imai says. which provides transparency and efficiency Imai adds that the changing needs of for investors.” 1. AuM as of 03/31/2015. investors means the firm is looking beyond 2. AuM as of 06/30/2015. There are other advantages to being 3. AuM as of 06/30/2015. traditional ETF strategies. n GUIDE TO ETFs Special Report Sep 2015 www.etfexpress.com | 5 I am currency hedged. Access a range of well diversified, liquid and currency hedged investments. UBS ETFs. With exchange traded funds (ETFs), you can add almost any index in the world to your portfolio. Exchange-rate fluctuations can reduce investment returns. It is comforting to know that you can hedge against foreign exchange risk: with currency-hedged UBS ETFs. ubs.com/etf For marketing and information purposes by UBS. For Professional Clients only. It is not to be distributed to or relied upon by Retail Clients under any circumstances. This document has been issued by UBS AG, a company registered under the Laws of Switzerland. Issued in the UK by UBS Global Asset Management (UK) Ltd, authorised and regulated by the Financial Conduct Authority. This document is for distribution only under such circumstances as may be permitted by applicable law. The products or securities described herein may not be eligible for sale in all jurisdictions or to certain categories of investors. Source for all data and charts (if not indicated otherwise): UBS Global Asset Management. © UBS 2015. The key symbol and UBS are among the registered and unregistered trademarks of UBS. All rights reserved. E8 5Z_1018_UBS_ETFQ2_210x297_EN-UK_v1.indd 1 27.08.15 15:53 UBS Currency hedged ETFs boom under Swiss care Interview with Andrew Walsh Swiss bank UBS, headquartered in Zurich between GBP100 million and c. GBP20 billion has been offering ETFs for some time across in assets under management. continental Europe but it was only in the last He is also seeing more sophisticated few years that they entered the UK market independent financial advisers using from which point their business has been ETFs and an increase in the number of gaining strong momentum ever since. independent financial advisers attending ETF Andrew Walsh, head of UBS ETFs sales events and searching out more information in the UK, explains that the long history of on the sector.
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