DWS utser ny chef för den nordiska marknaden

DWS utser ny chef för den nordiska marknadenDWS utser ny chef för den nordiska marknaden

DWS utser ny chef för den nordiska marknaden. DWS meddelar idag att Thomas Lindahl utsetts till ny nordenchef och chef för DWS kontor i Stockholm.

Lindahl tillträder sin position i mitten av juni 2018.

Lindahl kom till Deutsche Bank år 2000 för att etablera aktieverksamhet i Norden, med inriktning på institutionella kunder i regionen. Han har över 30 års erfarenhet inom finanssektorn i Norden.

Lindahl har tidigare varit chef för Helsingforskontoret med ansvar för den finska marknaden. Han är medlem i den nordiska ledningsgruppen sedan 2007.

Lindahl har lång erfarenheten och ett omfattande lokalt nätverk vilket krävs för att driva den tillväxtstrategi som DWS har i Norden. Han kommer rapportera till Alexander Preininger, chef för institutionell Coverage för EMEA.

– Den nordiska marknaden fortsätter att vara viktig för DWS och utnämningen av Thomas, med sin djupa förståelse för den lokala marknaden och kundbasen, visar vårt engagemang att växa vår verksamhet i regionen, säger Alexander Preininger.

– DWS har alltid levererat innovativa lösningar för sina nordiska kunder och jag ser fram emot att fortsätta detta arbete när vi utvecklar vår verksamhet framåt, säger Thomas Lindahl.

DWS Group

DWS Group GmbH & Co. KGaA (DWS) is one of the world’s leading asset managers with EUR676bn of assets under management (as of 31 Mar 2018). Building on more than 60 years of experience and a reputation for excellence in Germany and across Europe, DWS has come to be recognized by clients globally as a trusted source for integrated investment solutions, stability and innovation across a full spectrum of investment disciplines.

We offer individuals and institutions access to our strong investment capabilities across all major asset classes and solutions aligned to growth trends. Our diverse expertise in Active, Passive and Alternatives asset management – as well as our deep environmental, social and governance focus – complement each other when creating targeted solutions for our clients. Our expertise and on-the-ground-knowledge of our economists, research analysts and investment professionals are brought together in one consistent global CIO View, which guides our strategic investment approach.

DWS wants to innovate and shape the future of investing: with staff from 35 nationalities, speaking more than 75 languages rooted in 22 countries, we are local while being one global team.

Important Notice

This press release has been issued in the UK and approved by Deutsche Asset Management (UK) Limited, a 100% subsidiary of DWS. Deutsche Asset Management (UK) Limited is authorised and regulated by the Financial Conduct Authority.

Any reference to “DWS”, “Deutsche Asset Management” or “Deutsche AM” shall, unless otherwise required by the context, be understood as a reference to Deutsche Asset Management (UK) Limited including any of its parent companies, any of its or its parents affiliates or subsidiaries and, as the case may be, any investment companies promoted or managed by any of those entities.

Past performance is not a guide for future returns.

© Deutsche Asset Management (UK) Limited 2018.

Felaktigt påstående om en katastrof för ETF-marknaden

Felaktigt påstående om en katastrof för ETF-marknaden

Dagens Industri skriver att tidningen har ringt runt till de svenska bankerna. Vad Dagens Industri verkar ha missat är att det i dag endast är två svenska banker som ger ut egna börshandlade fonder, Handelsbanken och SEB. Utöver detta finns också Deutsche Banks ETFer listade på Nasdaq i Stockholm. Att som Dagens Industri skriver att det är en katastrof för ETF-marknaden rimmar illa.

Den stora handeln med börshandlade fonder sker emellertid inte på Stockholmsbörsen, den sker endera utanför börsen eller nere i Tyskland, på XETRA. En effekt av detta beslut är att hänvisas svenska och europeiska sparare i huvudsak till vår egen kontinents ETFer, dvs UCITS. I dagsläget arbetar företag som VanEck, ETF Securities PowerShares och Lyxor med ETFer på den svenska marknaden utan att vara listade på Nasdaq Stockholm. Avsluten görs endera direkt med dem, eller på Londonbörsen eller i Tyskland.

En kraftig ökning av ETF-användandet i Sverige och Europa?

Carl-Christian Höeg Director, ansvarig för Scandinavia ETF på Lyxor Asset Management skriver på sin LinkedIn sida att Mifid2 kommer att leda till en kraftig ökning av ETF-användandet i Sverige och Europa. Huruvida han har rätt eller inte vet vi inte (men vi hoppas så klart på ett större intresse än vad vi ser i dag).

Carl-Christian Höeg hävdar att det är direkt felaktigt att säga att försäljningen av ETFer skulle ”mer eller mindre upphöra” är direkt felaktigt. Han har rätt, då det endast är USA-baserade ETFer som påverkas negativt. Som tur är finns det tusentals ETFer i Europa som i många fall är minst lika bra. Han ser inte en katastrof för ETF-marknaden.

Det är också mycket sannolikt att anta att det kommer att skapas helt nya börshandlade fonder av europeiska aktörer, många som i dag har andra ETFer i sitt utbud men som inte erbjudit till exempel landspecifika ETFer, vilket vi vet att många investerare uppskattar.

Den stora katastrofen är inte MIFID2, det är att ETFer inte tillåts i PPM. Börshandlade fonder är kända för att ha en hög genomlysning, låga transaktionskostnader och att de kan omsättas direkt. Detta är något som inte kan sägas om alla de fonder som svenska sparare erbjuds i PPM.

Key considerations in choosing a commodity index

Key considerations in choosing a commodity index

ETF Securities Portfolio Insights: Key considerations in choosing a commodity index

Highlights

  • The composition of a commodity index, the liquidity of its underlying contracts and the complexity of its rolling schedule can have an impact on its performance.
  • Getting exposure to futures contracts further out on the curve with enhanced commodity strategies, is an easier and more efficient way to improve return than increasing the complexity of the index rolling schedule.
  • Adding enhanced commodity indices to a portfolio of global equities and bonds, improves the Sharpe ratio by 3% on average compared to classic commodity indices.

There are a number of factors that need to be considered when choosing a commodity index to invest in. Historical back-tested performance only presents one part of the picture. The cost of investing in an instrument, such as an Exchange Traded Product (ETP), that tracks commodity returns can vary widely depending on a number of key factors.

The index composition and weighting

The composition and weighting of a commodity index define its level of diversification. The more diversified the index is, the better the investor is protected from the downside risk when the commodity index is added to a multi-asset portfolio.

The composition of major commodity benchmarks can vary significantly as illustrated above. For example, the Bloomberg Commodity Index (BCOM) has 31% in agriculture and 28% in energy while the S&P GSCI and the Deutsche Bank Liquid Commodities Index Optimum Yield (DBLCI-OY) have more than 50% concentrated in the energy sector.

A closer look at the individual commodity level shows that 40% of the S&P GSCI index is only in oil (23% in WTI crude and 16% in Brent crude) while other commodity indices allocate a maximum of 13% to a single commodity. The weightings change marginally over time. The closer the index can get to an equal weighting, the better its level of diversification.

Modifying the composition and weighting of an index while keeping the same rolling methodology tends to increase return, by 2.3% for UBS indices and 0.9% for Deutsche Bank indices since the end of December 2015, as illustrated above.

The index rolling strategy

In this section, we analysed the performance of four commodity indices in order to assess the impact that “enhanced” rolling strategies can have on returns. All four indices are exposed to the same constituents with the same weights as BCOM but apply different rolling strategies.

The next chart shows the additional return of three different enhanced strategies compared to BCOM. The first strategy increases the index average maturity from 2 or 3 months with BCOM to 5 or 6 months with the BCOM 3 Month Forward Index (BCOMF3). Index providers tend to use this strategy to help mitigate the impact of contango (negative roll yield) on the index’s total return. This strategy improved return by 2%.

Applied to the Deutsche Bank Commodity Booster index, the optimum yield strategy is exposed to contracts that expire up to 13 months from now based on the best implied roll yield. This strategy outperforms BCOM by 2.5%. The constant maturity strategy, used by the UBS Bloomberg BCOM Constant Maturity index, rolls a small portion of its exposure every day in order to maintain its average maturity, outperforming BCOM by 2.6%.

Increasing the complexity of the rolling methodology with the optimum yield and constant maturity strategies only adds 0.5% and 0.6% extra return respectively compared to the strategy that simply increases the index average maturity.

The impact on operational costs

The number of contracts an index tracks and the frequency and complexity of the rolling schedule can have an impact not only on performance as seen previously, but also on the operational costs of replicating the index.
We here distinguish between commodity indices with a classic roll methodology: BCOM, S&P GSCI, the Rogers International Commodity Index (RICI) and the Thomson/Reuters CRB index (CRB), and commodity indices that aim to improve the classic strategy, typically called enhanced commodity indices.

The above chart shows the number of transactions in each index, defined as the number of times each constituent has to roll in a year, multiplied by the number of days during each roll. The UBS BCOM CMCI Index has the largest number of transactions as it rolls a small portion of its exposure every day to maintain each constituent’s average maturity over time. The methodology of an investable commodity index needs to be replicable. The more complex the rolling schedule is, the higher the replication costs which may lead to higher tracking errors.

The liquidity of the underlying futures contracts that the index holds is also a key factor to consider, as an illiquid contract can cause disruption in the daily pricing of the commodity index and prevent investors from purchasing or redeeming their funds when they want. The further out on the curve the exposure is, the less liquid the futures contract. The above chart shows how much an investor can buy or redeem from an instrument that tracks the index without disrupting the daily pricing of the underlying futures market.

Commodity indices in a portfolio

In this section, we compare the performance of portfolios with 50% in global equities, 40% in global bonds and 10% in commodities to a standard portfolio of 60% global equities and 40% global bonds, the benchmark, since 1998.

While enhanced commodity indices tend to perform better than classic commodity indices, adding them to a portfolio of equities and bonds improves the Sharpe ratio by just 3% on average: from 0.72 on average for portfolios with 10% in classic commodity benchmarks to 0.75 on average for portfolios with 10% in enhanced commodity indices.

For more information contact:

ETF Securities Research team
ETF Securities (UK) Limited
T +44 (0) 207 448 4336
E info@etfsecurities.com

Important Information

This communication has been issued and approved for the purpose of section 21 of the Financial Services and Markets Act 2000 by ETF Securities (UK) Limited (“ETFS UK”) which is authorised and regulated by the United Kingdom Financial Conduct Authority (the “FCA”).

The information contained in this communication is for your general information only and is neither an offer for sale nor a solicitation of an offer to buy securities. This communication should not be used as the basis for any investment decision. Historical performance is not an indication of future performance and any investments may go down in value.

This document is not, and under no circumstances is to be construed as, an advertisement or any other step in furtherance of a public offering of shares or securities in the United States or any province or territory thereof. Neither this document nor any copy hereof should be taken, transmitted or distributed (directly or indirectly) into the United States.

This communication may contain independent market commentary prepared by ETFS UK based on publicly available information. Although ETFS UK endeavours to ensure the accuracy of the content in this communication, ETFS UK does not warrant or guarantee its accuracy or correctness. Any third party data providers used to source the information in this communication make no warranties or representation of any kind relating to such data. Where ETFS UK has expressed its own opinions related to product or market activity, these views may change. Neither ETFS UK, nor any affiliate, nor any of their respective officers, directors, partners, or employees accepts any liability whatsoever for any direct or consequential loss arising from any use of this publication or its contents.

ETFS UK is required by the FCA to clarify that it is not acting for you in any way in relation to the investment or investment activity to which this communication relates. In particular, ETFS UK will not provide any investment services to you and or advise you on the merits of, or make any recommendation to you in relation to, the terms of any transaction. No representative of ETFS UK is authorised to behave in any way which would lead you to believe otherwise. ETFS UK is not, therefore, responsible for providing you with the protections afforded to its clients and you should seek your own independent legal, investment and tax or other advice as you see fit.

Ny db x-tracker ger exponering mot likvida företagsobligationer

Ny db x-tracker ger exponering mot likvida företagsobligationer

Deutsche Bank lanserade nyligen en ny db x-tracker som ger exponering mot likvida företagsobligationer med lågt kreditbetyg, så kallad speculative grade. Deutsche Banks nya db x-tracker ger exponering mot likvida företagsobligationer, är nominerad i euro och har en rating som understiger investment grade. Denna db x-tracker listas på Xetra och Frankfurtbörsen.

Db x-trackers II EUR High Yield Corporate Bond UCITS ETF (DR) gör det möjligt för investerare att delta i utvecklingen av de största och mest likvida euro obligationer från sub-investment grade-segmentet. Dessa kan utfärdas av företag både inom och utanför Europa.

Den börshandlade fonden omfattar i allmänhet endast obligationer med en löptid på mellan 2 och 10,5 år och har en rating som understiger Baa3/BBB- från ett ansett ratinginstitut. Räntan kan endera vara fast eller rörlig. Ingen emittent tillåts ha en vikt som överstiger tre (3) procent. Inget land tillåts ha en högre vikt än 20 procent. Det underliggande indexet viktas om på månadsbasis.

För närvarande finns det 1 145 börshandlade fonder som handlas på Deutsche Börses XTF segment. Den genomsnittliga handelsvolymen på månadsbasis uppgår till cirka 15 miljarder Euro vilket gör Xetra till Europas ledande mötesplats för ETF handel.

db x-trackers II EUR High Yield Corporate Bond UCITS ETF (DR) har ISIN kod LU1109943388. Förvaltningskostnaden uppgår till 0,35 procent. Ingen utdelning lämnas, utan den återinvesteras. Precis som alla db X-trackers Core ETF är det fysisk replikering som gäller. Det underliggande indexet är Markit iBoxx EUR Liquid High Yield Index. Kortnamnet är XHYA.

db X-trackers creates range of low-cost fixed income Core ETFs

db X-trackers creates range of low-cost fixed income Core ETFs

Deutsche Asset Management has established a range of db X-trackers fixed income Core ETFs that all use direct physical replication and have low annual all-in fees. db X-trackers creates range of low-cost fixed income Core ETFs

The fixed income Core range provides exposure to Eurozone and US government bonds, to the euro and US dollar corporate bond markets, and to the euro-denominated high-yield corporate bond market (see table below for a list of db X-trackers Core fixed income ETFs). Euro-hedged share classes of those ETFs providing exposure to USD corporate bond and US government bond markets are also available as part of the fixed income Core range.

In establishing the fixed income Core range the db x-trackers II EUR Corporate Bond UCITS ETF (DR) and the db x-trackers Barclays USD Corporate Bond UCITS ETF (DR) have had their annual all-in fees reduced from 0.2% per annum to 0.16% per annum.

“We already have low-cost db X-trackers Core ETFs covering major equity benchmarks, and investors will now welcome a similar focus on efficiency on the fixed income side,” said Simon Klein, Deutsche AM’s Head of ETF Sales, EMEA and APAC.

The db X-trackers equity Core ETFs range was established in 2014, providing major equity benchmark exposure starting at 0.07% all-in fee per annum. All db X-trackers Core ETFs use direct physical replication.

“The inclusion of a range of physical replication fixed income ETFs into the db X-trackers Core range helps give investors the exposures they need to create efficient, long-term core holdings in their portfolios,” added Klein.

For further information please contact:

John Ferry
Deutsche Asset Management
Email: john.ferry@db.com

1 Low cost main-stream benchmark trackers that can be considered suitable (long term) ”core” holdings in investors’ portfolios.

2 Investors should be aware that in addition to the All-In Fee, the ETF may incur other costs which may negatively impact the performance of their investment relative to the underlying index. Examples include: Brokerage and other transaction costs, financial transaction taxes or stamp duties as well as potential differences in taxation of either capital gains or dividend assumed in the relevant underlying index, and actual taxation of either capital gains or dividends in the ETF. The precise impact of these costs cannot be estimated reliably in advance as it depends on a variety of non-static factors. Investors are encouraged to consult the audited annual- and un-audited semi-annual reports for details.

[TABLE=171]

*Source: Deutsche Asset Management, 21 February 2017

Deutsche Asset Management

With EUR 706 billion of assets under management (as of December 31, 2016), Deutsche Asset Management¹ is one of the world’s leading investment management organizations. Deutsche Asset Management offers individuals and institutions traditional and alternative investments across all major asset classes.

¹ Deutsche Asset Management is the brand name of the Asset Management division of the Deutsche Bank Group. The respective legal entities offering products or services under the Deutsche Asset Management brand are specified in the respective contracts, sales materials and other product information documents.

Key risks

Investors should note that the db X-trackers UCITS ETFs1 are not capital protected or guaranteed and investors should be prepared and able to sustain losses of the capital invested up to a total loss.

Shares in db X-trackers UCITS ETFs which are purchased on the secondary market cannot usually be sold directly back to the relevant fund. Investors must purchase and redeem such shares on the secondary market with the assistance of an intermediary (e.g. a market maker or a stock broker) and may incur fees for doing so (as further described in the applicable prospectus). In addition, investors may pay more than the current net asset value of a share in a db X-trackers UCITS ETF when buying shares on the secondary market, and may receive less than the current net asset value when selling such shares on the secondary market.

Investments in funds involve numerous risks including, among others, general market risks, credit risks, foreign exchange risks, interest rate risks and liquidity risks. The value of an investment in a db X-trackers UCITS ETF may go down as well as up and investors may not get back the full amount of their original investment.

Important Notice

This press release has been issued and approved by Deutsche Bank AG, London Branch and has been prepared solely for information purposes, and is not an offer or a recommendation to enter into any transaction.

Deutsche Bank AG is authorised under German Banking Law (competent authority: European Central Bank) and, in the United Kingdom, by the Prudential Regulation Authority. It is subject to supervision by the European Central Bank and by BaFin, Germany’s Federal Financial Supervisory Authority, and is subject to limited regulation in the United Kingdom by the Prudential Regulation Authority and Financial Conduct Authority. Deutsche Bank AG is a joint stock corporation with limited liability incorporated in the Federal Republic of Germany, Local Court of Frankfurt am Main, HRB No. 30 000; Branch Registration in England and Wales BR000005 and Registered Address: Winchester House, 1 Great Winchester Street, London EC2N 2DB.

Please refer to the relevant fund’s full prospectus and the latest version of the Key Investor Information Document for more information on db X-trackers UCITS ETFs. These documents are available free of charge from Deutsche Bank AG, London Branch and constitute the only binding basis for purchase of shares in the ETFs. As explained in the relevant offering documents, distribution of ETFs is subject to restrictions in certain jurisdictions. The ETFs described herein may neither be offered for sale nor sold in the USA, in Canada, in Japan to US Persons or to persons residing in the USA.

All-in Fee:

Direct replication funds. • Investors should be aware that in addition to the All-In Fee, other factors may negatively impact the performance of their investment relative to the underlying index. • Examples include: Brokerage and other transaction costs, Financial Transaction Taxes or Stamp Duties as well as potential differences in taxation of either capital gains or dividend assumed in the relevant underlying index, and actual taxation of either capital gains or dividends in the fund. • The precise impact of these costs cannot be estimated reliably in advance as it depends on a variety of non-static factors. Investors are encouraged to consult the audited annual- and un-audited semi-annual reports for details.

db x-trackers UCITS ETFs are all ETFs of one of the following platforms: db x-trackers, db x-trackers II or Concept Fund Solutions plc.
© 2017 Deutsche Bank AG