Research & Statistics
EFAMA Report: Closet Index Funds (July 2016)
26 July 2016
EFAMA has reviewed ESMA’s statement “Supervisory work on potential index tracking”, which sets out research to determine whether any indication of closet indexing could be found at EU level. To contribute to the debate on this matter, EFAMA has prepared a paper, which highlights the limits of identifying closet index funds through a statistical analysis, drawing on recently published research papers.
The paper takes this analysis one step further by discussing how national competent authorities can identify closet index funds and whether there is a need to respond to closet indexing by clarifying and/or improving the current regulatory rules on fund disclosure.
on Closet Index Funds
EFAMA Survey: What can the industry do to encourage long-term savings
25 September 2012
The full survey is available here and read the press release
Solvency II: Data Impacts on Asset Management
25 June 2012
The full survey is available here
The report highlights the need for the asset management industry to proactively work with European insurance companies to respond to the strategic changes caused by the Solvency II Directive
FTT Impact Analysis
27 February 2012
A report of the potential impact of the FTT on the UCITS Industry.
Fund Fees in Europe: TER Report
4 October 2011
EFAMA promotes TER Report to improve transparency of investment fees.
A report commissioned by the European Fund and Asset Managemetn Association published on 4 October 2011 aims to give investors greater transparency and understanding of cost breakdown within the Total Expense Ratio ("TER") of European mutual funds.
UCITS as a Global Brand
23 April 2009
Key findings of the survey:
- The global financial crisis had a severe impact on net sales of cross-border UCITS in Europe and Asia in 2008. Total net outflows sourced in Europe and Asia reached EUR 20.8 billion and EUR 11.8 billion in 2008, respectively. Net sales remained positive in Latin America and the Middle East in 2008, albeit at low levels.
- The turnaround in the net sales in Asia occurred in the second half of 2008, when it became clear that the world economy was stepping into a global recession of dramatic proportions following the bankruptcy of Lehman Brothers. These developments affected the savings market in Asia in two different ways:
- Losses on Lehman-linked "minibonds" and structured notes triggered a crisis of confidence among Asian investors, primarily benefiting investment in cash reserves.
- The worsening of the economic crisis in advanced economies led to a sharp deterioration in the growth prospects in Asia, caused by falling export demand. This development, together with the massive losses recorded on worldwide stock markets, caused a further decline in investor demand for UCITS.