2017 US ETF Investor Survey Results A Race to the Top
|
|
- Beverley Anthony
- 6 years ago
- Views:
Transcription
1 2017 US ETF Investor Survey Results A Race to the Top Global assets invested in ETFs continued to reach new records in 2017, surpassing $4 trillion in ETP assets. The US remains the largest ETF market, with assets totaling $3.25 trillion across more than 2,000 products. 1 This asset growth has resulted in a continuous stream of new product offerings from both established ETF managers and those launching ETFs for the first time. As the menu of ETF investment options keeps evolving, we continue to monitor trends in how investors are leveraging the ETF wrapper and underlying investment strategies. For the fifth consecutive year, Brown Brothers Harriman partnered with ETF.com to gain insight into these trends and the preferences of professional ETF investors in the US. CONTENT Key Findings... 3 Demographics... 4 ETF Selection... 7 New ETFs... 8 Active ETFs Investment Strategy Smart Beta ETFGI
2 Dear Reader, In our fifth year providing insight into the investor uses of ETFs, we were pleased to receive survey responses from 360 financial advisors and institutional investors. Their responses reveal key insights that solidify recent trends and highlight evolving nuances in the ETF market that may give ETF managers a running start to As we look ahead to the next year, one thing is certain: the race to introduce new ETF product shows no signs of stopping, and ETF managers will need to keep fine tuning their craft to stay relevant and competitive in the track meet that is the ETF market. In 2016, we saw investors employ ETFs tactically in their portfolio and this year s responses reinforce those findings, as we saw investors view smart beta ETFs as a key tool when it comes to portfolio construction. As runners swap out their shoes to accommodate the track surface and conditions, investors are continuing to use smart beta ETFs as a way to tilt their portfolio to certain exposures. The wide range of investment options available presents opportunities for managers to not only seek outperformance, but to reduce volatility, achieve specific factor exposure, or position a portfolio for down-side protection. Given the wide range of potential uses, it s not surprising that 65% of respondents said smart beta is a hybrid of traditional passive investing and active management. Smart beta allocations remain strong this year 97% of respondents plan to either maintain or expand allocations to smart beta in their portfolios. Increasingly investors are funding their smart beta purchases by selling off passive ETFs or mutual funds, or reducing allocations to active funds. This supports the evidence that investors see smart beta as an alternative to both traditional passive and active strategies. These applications of smart beta ETFs also mean that investors may shift their portfolio during the year and our survey shows these shifts by investors stated preferences for specific smart-beta strategies. Last year we saw appetite for smart beta ETFs that aim to reduce volatility and provide exposure to quality names. This year investors showed a desire for multi-factor strategies. 60% of investors are either using these types of ETFs or have plans to add them to their portfolios. This will be an interesting trend to monitor as investors clearly signaled expense ratios are a key element in their ETF searches. Multi-factor ETFs have typically maintained pricing premiums over vanilla indexes and other smart-beta strategies. It s important to recognize that not all investors are using smart beta. This year, we saw more than a third say they lack the familiarity with the products to use them in a portfolio. ETF managers should focus on continuing their education and advisor outreach efforts to promote these products and best understand how advisors are using them, or why they may be sitting on the sideline when it comes to these products. Perhaps one of the biggest changes this year is the dramatic increase in investor outlook for environmental, social, and governance (ESG) ETFs. Previously, only 37% of investors stated that ESG factors are important when selecting an ETF. This year, we saw 51% of respondents state ESG carried some level of importance in their selection criteria. This brings the US investor outlook for ESG closer to our 2016 findings for European ETF investors, where ESG appears to be more widely accepted. Fixed income liquidity continues to remain a key area of concerns for US investors. This year, 83% said liquidity for fixed income ETFs is somewhat or very concerning. This may be a result of media headlines suggesting there are issues in the fixed income ETF market, when in reality these ETFs have responded well to credit crunches. This may be another area where ETF managers can help mitigate some of these investor concerns through their marketing and education campaigns. We ve highlighted here only some of the key findings but there is more pertinent detail for ETF sponsors in the report that follows. Sponsors should consider the findings in terms of their product development plans, marketing, and distribution strategies, as well as on-going client service and education efforts to best propel them around the track as we enter Shawn McNinch Ryan Sullivan Managing Director, US ETF Services Vice President, US ETF Services shawn.mcninch@bbh.com ryan.sullivan@bbh.com US ETF Investor Survey
3 KEY FINDINGS Smart beta is a good cross-trainer 65% of respondents view smart beta as a versatile, hybrid strategy between traditional passive and active management. Investors need a course (or two) in smart beta Despite the increase in usage, about a third of respondents are simply not familiar with the smart beta product, suggesting further opportunities for ETF managers to promote education and product awareness. Expense ratio reigns supreme: ETFs are sought-out for their low expense ratios 6 of respondents view expense ratios as the most important element when selecting ETFs. That s not surprising, given 53% of respondents said their fiduciary obligation to clients was a key concern in their evaluation of the cost of investment products. 67% of advisors selected expense ratio as a very important factor when evaluating an actively managed fund. Most investors are waiting longer to add new ETFs to their portfolio In a big uptick from 2016, 36% of advisors preferred to wait 1 to 3 years after launch before considering adding it to their portfolio. Multifactor ETFs receive a boost Demand is up this year 60% of respondents are currently using or most likely to use a multifactor strategy. Investors are coming around on Environmental, Social, and Governance (ESG) ETFs This is a point of opportunity for ETF managers. 51% of advisors said ESG is at least somewhat important, up from 37% last year. Demand for active ETFs is on the rise We saw a large shift this year in advisor s outlook on active funds. 5 would use active ETFs for emerging markets and 45% for international exposure. Bond liquidity is a growing concern 30% of advisors said they re very concerned about liquidity. This continues to highlight the need for managers to educate advisors around ETF liquidity for both the ETF shares and underlying holdings. Third-party ETF models are on the rise For advisors who outsource their asset allocation, third-party models were the most popular (37%). 17% are already leveraging robo-advisors. 3 US ETF Investor Survey
4 DEMOGRAPHICS For the fifth year in a row, we partnered with ETF.com to gauge sentiment of professional ETF investors in the US. We surveyed 360 financial investors, RIAs, and institutional investors to identify emerging trends in the ETF market. 1. Which classification describes your business? 1% 13% Registered investment advisor/ 2% Registered rep/secuirties broker/cpa 5% Mutual fund/insurance company Endowment/Foundation/Family office/charity Hedge fund/private equity/venture capital 75% Pension fund/sovereign wealth fund Other (please specify) Other includes responses from consultants, investment research professionals, ETF strategists, and bank and trust company investment professionals. 2. If you are a registered investment advisor, what type of firm are you affiliated with or employed by? 2% 6% Independent RIA (Custody with Schwab, Fidelity, Pershing) National or Regional B/D (Ameriprise, Edward Jones, Raymond James) 21% Hybrid RIA (Independent RIA that also holds a B/D affiliation) 40% Wirehouse (Merrill, Morgan, Wells, UBS) 11% Independent B/D (LPL, Commonwealth) Insurance B/D (Northwestern Mutual, Lincoln) Retail Bank B/D (Chase, Citi) 4 US ETF Investor Survey
5 3. Please allocate your client AUM across the following investment types: 8% 20% 42% Index mutual funds or ETFs Actively managed mutual funds or separate accounts Individual securities Other (e.g., variable insurance products) 30% 4. Please indicate the percentage of your AUM invested in ETFs/ETNs: 20% 19% 16% 15% 13% 13% 5% 3% 5% 5% 5% 6% 0% % 21-30% 31-40% 41-50% 51-60% 61-70% 71-80% 81-90% % 36% of respondents this year allocate between 21-50% of their AUM to ETFs, reinforcing the theme of ETFs as a core tool for portfolio construction. 5
6 5. For an average client account, how many ETFs are held in your portfolios? 19% 28% 6% % 36% % 11% 3 28% % % 7% 3 30% Investors reduced the number of ETFs in their portfolio this year suggesting that fewer ETFs may have higher asset concentration. Over a third (36%) of respondents this year hold 1-5 ETFs in their portfolio, underscoring that ETF managers are competing for limited shelf space in investors portfolios. 6. For an average client account, how many trades do you make per month? % 7% 58% 26% % % % 8% 12% % Overall, respondents appear to trade ETFs infrequently, with 58% responding they make 1-5 trades per month on average. 6 US ETF Investor Survey
7 ETF SELECTION ETFs offer trading flexibility, transparency, and tax efficiency at a low cost. But what are the most important factors investors consider when selecting ETFs? We asked: 7. Please rate the following factors when selecting an ETF: Very important Somewhat important Not important Expense ratio 6 29% 7% Index methodology 52% 37% 11% Historical performance 48% 39% 13% Tax efficiency 42% 46% 12% Trading volume 3 50% 16% Trading spreads 33% 51% 16% 6 of respondents said the ETF expense ratio is very important when selecting an ETF. This was the largest result in the category, suggesting that investors are choosing ETFs with their wallet. Index methodology rated high, with more than 50% ranking it as very important. This suggests investors recognize the importance of diving into the underlying index to vet their ETF managers. Tracking error does not appear to be a key element of ETF selection. ETF issuer 33% 50% 17% Tracking error 33% 48% 19% 8. How important are the following in your evaluation of the cost of investment products? I have a fiduciary obligation to my client 53% 17% 8% 5% 7% Fees can be a drag on performance 18% 2 19% 15% 15% 9% Manager skill 12% 16% 17% 15% 17% 23% Lower investment management costs allow me to maintain my own fee 8% 13% 15% 1 18% 32% Competitive positioning 6% 15% 20% 2 22% 13% Client awareness of fees 15% 19% 23% 2 15% Fiduciary responsibility weighs most heavily on investors and fees were largely recognized as drags on performance. This further supports the results that investors are increasingly cost-conscious buyers of ETFs. 7
8 NEW ETFs Historically, our respondents have been focused on track record, liquidity, and AUM when evaluating new ETFs.* We wanted to know if investors are more comfortable bringing new ETFs into their portfolio. We asked: 9. How soon after a new ETF launches will you consider adding it to your portfolio? 40% 35% 36% 30% 25% 20% 21% 19% 15% 5% 8% 6% 0% Immediately 1-3 months 4 months to 1 year 1-3 years After 3 years I never buy new ETFs Half of respondents are comfortable buying an ETF within its first year of operations. This suggests that new products can gain market share against established players, provided they are priced competitively against their peer group. 10. How important are environmental, social, and governance (ESG) factors when making an investment? % 9% 7% Very important 42% 49% Not important Somewhat important Very important 63% 27% Important Somewhat important Not important 51% of investors say that ESG carries some level of importance, up 1 over last year saw a great deal of interest in ESG. This is good news for ETF managers, given the proliferation of ESG based strategies in recent years. * New ETFs, for the purposes of this study, are defined as ETFs launched within the last 12 months. 8 US ETF Investor Survey
9 11. What areas of the market do you think could use more ETFs? (Select all that apply) Alternatives 33% Active ETFs International equity 26% 26% International fixed income 2 US fixed income 20% Sector equity Factor/Smart beta Commodities Currencies US equity ESG Currency hedge Other 9% 12% 1 15% 15% 17% 17% 18% 0% 5% 15% 20% 25% 30% 35% Respondents are seeking more ETF choice in international and alternatives ETF strategies, suggesting an area of focus for ETF managers and their product development efforts. More than a quarter of responders want more active ETFs. We were surprised to see demand is up for international equity strategies, given that 683 international equity strategies are currently available. 2 2 ETF.com, November
10 ACTIVE ETFs Active ETFs represent only about 1% of the total AUM invested in ETFs, however we have seen demand for these products picking up in recent years. While these funds have primarily focused on fixed income asset classes in the past, we wanted to further explore investor demand for these products. We asked: 12. In what asset class would you use an actively-managed ETF? (Select all that apply) Fixed income 6% Emerging markets equity 5 Commodities 31% Other U.S. Equity International developed markets equity 4 45% 0% 20% 30% 40% 50% 60% 5 would use active ETFs for emerging markets. With only 6% of respondents citing demand for active fixed income, it appears investors are comfortable with current investment options available in this asset class. The demand for actively managed equity ETFs across emerging markets, international developed, and the US suggest these segments can support more choice for investors with the development of additional active ETFs. Other includes responses from small cap to real estate, alternatives and preferred stocks. 13. Please rate the following factors when evaluating an actively-managed fund: Very important Somewhat important Not important Expense ratio 3% 30% 67% Perfomance history 33% 63% Degree of transparency 6% 42% 52% Reputation of the firm offering the fund 47% 49% Reputation of the portfolio manager 8% 4 48% 0% 20% 30% 40% 50% 60% 70% Expense ratio still reigns supreme for investors when selecting active ETFs. Unsurprisingly, performance history closely follows signaling that track record is important. More than half of investors say transparency of active ETFs is very important to them. 10 US ETF Investor Survey
11 14. How concerned are you about liquidity of the underlying holdings in bond ETFs? % 8% 12% 30% Not concerned Somewhat concerned Very concerned 25% 55% The most important concern An important concern A somewhat important concern Not a concern at all 53% 30% of investors said they are very concerned about liquidity. This continues to highlight the need for managers to educate advisors around ETF liquidity for both the ETF shares and underlying holdings. 11
12 INVESTMENT STRATEGY 2017 has seen continued turbulence in the world of politics and economics, with surprise election results, interest rate increases and potential policy shifts from lawmakers. We wanted to understand how investors will leverage ETFs in response to evolving macro-trends. We asked: 15. In a low-rate environment, where do you look for income? Dividend-paying stocks 7 76% 73% REITs High-yield debt Investment-grade or governement-issued dept MLPs Foreign fixed income 19% 30% 3 28% 32% 28% 47% 46% 4 41% 47% 56% 53% 51% 56% Respondents appear to be rotating toward credit quality, given the drop in demand for high-yield debt and increases in investmentgrade and government issued debt. Other includes responses from active management, BCDs, closed end funds, preferred securities, preferred stocks, and total return. Infrastructure Other 12% 16% 13% 12% 1 12% 0% 20% 30% 40% 50% 60% 70% 80% 16. What percentage of your international equity investments are currency hedged? 0% 1-25% 31% 39% 4 46% This year, we saw an increase in investors hedging a portion of their portfolio, with 4 of respondents hedging 1-25% of their international exposure % 51-75% 7% 15% % 1% 3% 0% 20% 30% 40% 50% 12 US ETF Investor Survey
13 17. What percentage of your portfolio construction do you outsource? 17% 1-25% Almost 2/3 of respondents do not outsource portfolio construction. 65% 7% 7% 26-50% 51-75% 75%+ Do not outsource Of those who do, most only outsource a sleeve of their portfolio, reflecting investor preference in retaining asset allocation decision making. 18. Who are you outsourcing your portfolio construction to? (Select all that apply) Third-party models 37% For those respondents who do outsource, they favor third-party models. Home-office models ETF strategists 23% 3 This could indicate another point of opportunity. Demand for third-party models may open a door for ETF managers to gain market share by packaging ETFs into models for investors. ETF providers 21% Robo advisors 17% 0% 20% 30% 40% 13
14 19. How important is securities lending in your ETF selection process? 8% 60% 32% Very important Somewhat important Not important 20. Please describe your current and planned usage of the following ETF strategies for equity exposures over the next 12 months: 100% 80% 60% 40% 20% 0% 52% 76% 11% 13% Market capitalization 46% 27% 6% 67% Active management 43% 32% 3% Currently using Increase Decrease Stay the same 65% 39% 2 2% 7 38% 18% 78% Multifactor Quality Equal weighting 38% 21% 7% 73% Minimum volatility 36% 20% 2% 78% Fundamental weighting 28% 19% 8% 73% Currencyhedged exposure 23% 22% 7 Liquid alternatives 1 5% 91% None of the above Market cap weighted was the most heavily used product and few people expected to change next year, as 75% plan to maintain similar weights. 27% plan to increase active ETF usage and another 32% plan to increase multifactor ETF usage, providing another opportunity for asset managers. 14
15 SMART BETA While overall smart beta AUM still lags traditional market-capitalization weighted ETFs, investor adoption and portfolio construction continues to evolve. Smart beta has become a hybrid option for investors seeking traditional passive and active strategies. Whether investors are seeking improved diversification, lower costs or better returns, smart beta s growing menu of factors is seen as a potential solution. We wanted to learn more about investors sentiment toward smart beta to better understand how they incorporate them in their portfolios. We asked: 21. How would you best classify smart beta? 25% 65% Hybrid (in between active and passive) Active investment strategy Passive investment strategy The majority of investors view smart beta as the middle ground in the active/passive spectrum. This highlights the versatility of the product set for targeted beta exposure in either alpha generation or defensive positioning. The large number of respondents choosing a hybrid investment strategy demonstrates the swiss-army knife nature of smart beta ETFs. 22. What share of smart-beta products currently make up your AUM? 35% 33% 30% 25% 2 20% 18% 15% 12% 13% 5% 0% Do not use Less than 5% % Greater than 20% While a third do not use smart beta products, 43% hold at least 6% of their AUM in smart beta ETFs. 15 US ETF Investor Survey
16 23. How do you plan to change smart beta in your AUM over the next 12 months? 29% Increase 68% 3% Decrease Stay the same Few investors plan to decrease their positions, though almost 30% plan to increase their smart beta exposure in the next 12 months, signaling a growing opportunity for ETF managers. Asset managers should also be engaging with the 68% who plan to maintain their smart beta product allocation to better understand their usage and incorporation of these strategies in their portfolios. 24. Select the reasons you are not using smart beta. (Select all that apply) Cannot determine if strategies will produce alpha/outperform active management 36% Unfamiliar with strategies 3 Smart-beta objectives can be achieved through internal portfolio management 29% Strategies are costly compared to passive investment options 26% Strategies lack track record 21% Other (please specify): 8% 0% 20% 30% 40% More than a third of non-smart beta investors cannot see an alpha play with the strategy, suggesting that some holdouts view smart beta more as an active tool than a hybrid and may want to see longer track records to assess alpha opportunities. Another third of respondents simply lack familiarity with these product types, suggesting further opportunity for ETF managers in their outreach efforts. 16
17 25. If you purchased a smart-beta ETF in past 12 months, what did it replace in your portfolio? (Select all that apply) Index ETFs 41% Active mutual funds 35% Reallocation from other investments (e.g., stock, bonds) 27% Allocating new investment dollars 23% Index mutual funds 1 0% 20% 30% 40% 50% Most investors are swapping out cap-weighted ETFs. More than a third moved away from active mutual funds. We expect smart beta to continue to erode allocations to plain vanilla and active strategies, given its perception as a hybrid strategy and the potential benefits to a portfolio. 26. How often are you using/considering using smart beta for the following reasons? 50% 40% 41% 43% 46% 50% 48% 39% 4 47% 40% Always Sometimes Never 30% 30% 29% 29% 28% 28% 26% 26% 2 23% 29% 20% 17% 13% 0% Provide exposure to specific factors Enhance diversification Generate alpha Risk management Reduce portfolio volatility Cost savings Generate income 71% of investors would consider using smart beta to reduce volatility in their portfolio. Most respondents favored a sometimes response to the potential uses of smart beta, suggesting that smart beta has a great deal of versatility when it comes to portfolio management. 50% of investors are using smart beta as an occasional risk management tool. 17 US ETF Investor Survey
18 27. What types of strategies are you currently using/would you most likely use? (Select all that apply) 70% 60% 60% 50% 46% 43% 40% 37% 30% 20% 0% Multifactor Fundamentally weighted strategies Single-factor strategies Equal-weighted strategies Investor demand for multifactor products may open the door for more tactically oriented products and indices for investors, which may carry a premium to other smart beta products. 18 US ETF Investor Survey
19 BBH ETF SERVICES Brown Brothers Harriman is a leading provider of asset servicing for the global ETF market. With more than $500 billion 3 in ETF assets under custody, BBH works with both experienced ETF managers and new, innovative market entrants to introduce and grow their ETF products. IF YOU ARE AN: Asset manager considering your first ETF launch ETF sponsor entering new markets or channels Established ETF manager evaluating a new ETF service provider BBH is your partner. Think of us as your trusted advisors. We help asset managers launch, list, and cross-list ETFs across the globe. We possess deep ETF product expertise, the regulatory and local market knowledge, as well as the relationships to improve your business and enable your future growth. We look forward to collaborating with you. GLOBAL Shawn McNinch shawn.mcninch@bbh.com US Ryan Sullivan ryan.sullivan@bbh.com EUROPE Antonette Kleiser antonette.kleiser@bbh.com EUROPE Andrew Craswell andrew.craswell@bbh.com ASIA Chris Pigott chris.pigott@bbh.com 3 As of September 30,
20 NEW YORK BEIJING BOSTON CHARLOTTE CHICAGO DENVER DUBLIN GRAND CAYMAN HONG KONG JERSEY CITY KRAKÓW LONDON LUXEMBOURG NASHVILLE PHILADELPHIA TOKYO WILMINGTON ZÜRICH This publication is provided by Brown Brothers Harriman & Co. and its subsidiaries ( BBH ) to recipients, who are classified as Professional Clients or Eligible Counterparties if in the European Economic Area ( EEA ), solely for informational purposes. This does not constitute legal, tax or investment advice and is not intended as an offer to sell or a solicitation to buy securities or investment products. Any reference to tax matters is not intended to be used, and may not be used, for purposes of avoiding penalties under the U.S. Internal Revenue Code or for promotion, marketing or recommendation to third parties. This information has been obtained from sources believed to be reliable that are available upon request. This material does not comprise an offer of services. Any opinions expressed are subject to change without notice. Unauthorized use or distribution without the prior written permission of BBH is prohibited. This publication is approved for distribution in member states of the EEA by Brown Brothers Harriman Investor Services Limited, authorized and regulated by the Financial Conduct Authority. BBH is a service mark of Brown Brothers Harriman & Co., registered in the United States and other countries. Brown Brothers Harriman & Co All rights reserved. 11/2017. IS _17
Private Debt in 2015:
Private Debt in 2015: Thinking Outside the Bank The confluence of bank regulation, low yields on traditional fixed income, and a strong supply of potential US and European borrowers has convinced more
More informationSelling Your Business Income Tax-Free: The Qualified Small Business Stock Election
Selling Your Business Income Tax-Free: The Qualified Small Business Stock Election By Karin Prangley 18 / OWNER to OWNER Selling shares in a business completely (or partially) income tax-free sounds too
More informationThe desire that our children learn how to be good with money is a universal
BUSINESS & INVESTING YOUR PERSONAL BALANCE SHEET: A VIEW INTO THE FUTURE By G. Scott Clemons, CFA BBH Chief Investment Strategist The desire that our children learn how to be good with money is a universal
More informationETFs: Asian Institutions Broaden Applications
Q1 Month 20172015 Cover Headline Here (Title Case) ETFs: Asian Institutions Broaden Applications Cover subhead here (sentence case) CONTENTS 3 Executive Summary 4 New Users, Bigger Allocations 6 The ETF
More informationU.S. Healthcare Reform
U.S. Healthcare Reform Five Years after the ACA and Its Impact on Businesses Hayley Xuereb, Ph.D, / Managing Director, Core Select Healthcare Analyst Over five years after the Affordable Care Act (ACA),
More informationSmart beta: 2017 global survey findings from asset owners
Smart beta: 2017 global survey findings from asset owners ftserussell.com [ Page intentionally left blank ] Contents 5 Introduction 6 Summary of key themes 8 Survey background 11 Section 1: Smart beta
More informationValue vs. Growth: A False Dichotomy
INVESTING InvestorView Value vs. Growth: A False Dichotomy The distinction between value and growth has long been one of the primary means for defining equity securities and investment strategies. Since
More informationSnapshot: Advanced Beta. Beyond Active and Passive. A research report sponsored by State Street Global Advisors.
Snapshot: THE STATE OF Advanced Beta IN EUROPE Beyond Active and Passive A research report sponsored by State Street Global Advisors. Advanced Beta is the Latest Stage in the Evolution of Indexing As the
More informationEnhancing our program to keep you protected
Edition 1, June 2018 Enhancing our program to keep you protected Welcome to the first edition of our quarterly T-UP newsletter to keep you informed of the enhancements we are making to meet regulatory
More informationSmart beta: 2018 global survey findings from asset owners
Smart beta: 2018 global survey findings from asset owners ftserussell.com Contents 5 Introduction 6 Summary of key themes 8 Survey background 11 Section 1: Smart beta evaluation and adoption 18 Section
More informationMutual Fund Distribution Guide
Mutual Fund Distribution Guide Portland, Maine Berwyn, Pennsylvania Boston, Massachusetts Columbus, Ohio Table of Contents ntents Introduction...2 Intermediary Channel...3 Broker-Dealers... 3 Wirehouses...
More informationETFs: Active Tools for Institutional Portfolios
Q1 Month 20172015 Cover Headline Here (Title Case) ETFs: Active Tools for Institutional Portfolios Cover subhead here (sentence case) CONTENTS 3 Executive Summary 4 Introduction: Active Tools for Portfolio
More informationNEW SOURCES OF RETURN SURVEYS
INVESTORS RESPOND 2005 NEW SOURCES OF RETURN SURVEYS U.S. and Continental Europe A transatlantic comparison of institutional investors search for higher performance Foreword As investors strive to achieve
More informationState of the Financial Advisory Business: 2008
State of the Financial Advisory Business: 2008 Examining Trends in Business Growth and Investment Product Usage Summary 2007 Reuters Table of Contents List of Exhibits... Key Findings... Biographies...
More informationExchange Traded Products: A Look Ahead
SEI RESEARCH BRIEF Exchange Traded Products: A Look Ahead The SEI Knowledge Partnership recently surveyed asset management executives to get their views on Exchange Traded Products (ETPs), such as Exchange
More informationInvestor Day: Talking Markets and Philosophy with BBH s Investment Teams INVESTING. Guest Speakers (left to right) Author
INVESTING Author Guest Speakers (left to right) Row 1 Jenny Box, Oaktree Capital, Managing Director Chad Clark, Select Equity Group, Portfolio Manager James Crichton, Hitchwood Capital Management, Founder
More informationCapital Advisory Group Institutional Investor Survey
INSIGHTS Global Capital Advisory Group 2018 Institutional Investor Survey Capital Advisory Group This material is provided by J.P. Morgan s Capital Advisory Group for informational purposes only. It is
More information2012 Alternative Investment Survey of U.S. Institutions and Financial Advisors
Morningstar and Barron s 1 2012 Alternative Investment Survey of U.S. Institutions and Financial Advisors June 2013 2012 Survey Overview 2 3 Survey aims to capture trends in alternative investing among
More informationUsing Exchange-Traded Funds in Client Portfolios
The Evolving ETF: Using Exchange-Traded Funds in Client Portfolios Contents Introduction...1 Uncovering Clues...3 Survey Surprise...3 Independence Day...5 Going Global...6 Fiduciary Opportunity...8 What
More informationAlternative assets. An insight into the future of investing in alternatives
Alternative assets 2014 An insight into the future of investing in alternatives Contents 01 In this, the eleventh year of our Global Alternatives Survey, we pause to consider what may lie ahead for alternatives
More informationNavigating U.S. Wealth Management: Five Key Themes for Financial Advisors and Individual Investors
Navigating U.S. Wealth Management: Five Key Themes for Financial Advisors and Individual Investors October 25, 2017 by Eric Mogelof, Barbara Clancy of PIMCO SUMMARY Unprecedented changes are reshaping
More informationSMART BETA ASSET OWNER IMPLEMENTATION STRATEGIES FURTHER FINDINGS FROM RUSSELL INDEXES GLOBAL SMART BETA SURVEY RUSSELL INDEXES
SMART BETA ASSET OWNER IMPLEMENTATION STRATEGIES FURTHER FINDINGS FROM RUSSELL INDEXES GLOBAL SMART BETA SURVEY RUSSELL INDEXES DECEMBER 2014 Introduction In April 2014, Russell Indexes published the results
More informationIndexes and benchmarks made simple
Insights Indexes and benchmarks made simple The terms index and benchmark are often used synonymously, which can understandably confuse investors. In simple terms, in the world of investing, a benchmark
More informationMutual Fund Industry Update. Presented to Mutual Fund Directors Forum. Date: December2014
Mutual Fund Industry Update Presented to Mutual Fund Directors Forum Date: December2014 Topics Where We Are Where We re Going Q&A Page 1 Asset Management Industry Trends 1. Retirement still represents
More informationSTRATEGIC. Sophisticated investments. Simple to use. Target Date Strategy Funds. russellinvestments.com
STRATEGIC Sophisticated investments. Simple to use. Target Date Strategy Funds russellinvestments.com Finding the right target date fund options is key. If your target date funds are projected to be the
More informationExperienced investment management
BRINKER CAPITAL Experienced investment management 30 years of excellence in investment management Our time-tested and disciplined investment process Better outcomes through experience, consistency, and
More informationINSIGHTS. The Factor Landscape. August rocaton.com. 2017, Rocaton Investment Advisors, LLC
INSIGHTS The Factor Landscape August 2017 203.621.1700 2017, Rocaton Investment Advisors, LLC EXECUTIVE SUMMARY Institutional investors have shown an increased interest in factor investing. Much of the
More informationThe EDHEC European ETF Survey 2014
The EDHEC European ETF Survey 2014 Felix Goltz Head of Applied Research, EDHEC-Risk Institute, and Research Director, ERI Scientific Beta This research has been carried out as part of the Amundi ETF& Indexing
More informationQ Institutional Investment in ETFs: Versatility Fuels Growth
Q1 2016 Institutional Investment in ETFs: Versatility Fuels Growth CONTENTS 3 Executive Summary 4 Introduction: ETF Expansion Rolls On 6 Five Underlying Drivers of ETF Growth 6 Institutions Finding New
More informationS P E C I A L I S T A D M I N I S T R A T I O N L O N G - T E R M C O M M I T M E N T. I n f r a s t r u c t u r e F u n d S e r v i c e s
S P E C I A L I S T A D M I N I S T R A T I O N L O N G - T E R M C O M M I T M E N T I n f r a s t r u c t u r e F u n d S e r v i c e s C O M P R E H E N S I V E A N D C U S T O M I S E D Overseeing
More informationSophisticated investments. Simple to use.
TARGET DATE STRATEGY FUNDS Sophisticated investments. Simple to use. INVESTED. TOGETHER. Now your default option can be your best option. If your target date funds are projected to be the majority of your
More informationAlternative Strategies in the 40 Act World: Opportunities and Obstacles for Multi-Manager Registered Mutual Funds
INVESTOR SERVICES Alternative Strategies in the 40 Act World: Opportunities and Obstacles for Multi-Manager Registered Mutual Funds Alternative strategies have become a steadily growing part of the asset
More informationHOW FINANCIAL ADVISORS USE AND THINK ABOUT EXCHANGE-LISTED OPTIONS
HOW FINANCIAL ADVISORS USE AND THINK ABOUT EXCHANGE-LISTED OPTIONS TABLE OF CONTENTS Industry Recommendations...1 Part 1:...2 Who Are They?...2 How Do They Use Them?...2 Motivations and Beliefs...5 Part
More informationInvestment Management Philosophy
Investment Management Philosophy Executive Overview The investment marketplace has grown increasingly complex and unpredictable for individual investors. This reality may make it difficult for many people
More informationActive Strategies, Indexing and the Rise of ETFs
Q3 2017 Active Strategies, Indexing and the Rise of ETFs CONTENTS 2 Executive Summary 4 ETFs: A Global Phenomenon 5 Global Growth Trajectory 6 Active Strategies, Index Funds and the Continued Growth of
More informationTable of Contents. Section I: Executive Summary Section II: Introduction and Methodology... 13
Table of Contents Section I: Executive Summary... 8 Section II: Introduction and Methodology... 13 Section III: How Advisors Approach Portfolio Construction... 16 A. How do advisors make investment decisions?...
More informationProduct Trends And Opportunities For Asset Gathering
Product Trends And Opportunities For Asset Gathering Christina West Moderator Introductions Investment Consultant, Morningstar, Inc Frank Koudelka Senior Vice President & Global ETF Product Specialist,
More informationFor professional investors only. Welcome to BMO Global Asset Management
For professional investors only Welcome to BMO Global Asset Management Welcome In a complex and interconnected world, identifying the right investments can be a daunting task. At BMO Global Asset Management,
More informationCLS ADVISOR IQ SERIES
CLS ADVISOR IQ SERIES PROPEL YOUR BUSINESS FORWARD: THE INSIDE TRACK TO CHOOSING AND IMPLEMENTING ETF STRATEGISTS in collaboration with Table of Contents Executive Summary Introduction Industry Issues
More informationEXCHANGE- TRADED FUND FOUNDATIONS
EXCHANGE- TRADED FUND FOUNDATIONS ETF FOUNDATIONS Building a stronger understanding of exchange-traded funds WELCOME TO THE FAST-GROWING WORLD OF ETFs DRAMATIC CHANGES ARE HAPPENING IN THE INVESTING WORLD,
More informationCerulli Interactive Report Dashboards. The Cerulli Report U.S. RIA MARKETPLACE 2018 SUBSCRIPTION DETAILS. Designing a Framework for Independence
The Cerulli Report U.S. RIA MARKETPLACE 2018 Designing a Framework for Independence Overview & Methodology In its eighth iteration, this report provides an in-depth analysis of the retail-focused registered
More informationRussell Survey on Alternative Investing
RUSSELL RESEARCH THE 25-26 Russell Survey on Alternative Investing A SURVEY OF ORGANIZATIONS IN NORTH AMERICA, EUROPE, AUSTRALIA, AND JAPAN EXECUTIVE SUMMARY OF KEY FINDINGS Looking for Answers In 1992,
More informationFuture World Fund Q&A
For Professional Investors and their Financial Advisers Only. Not to be distributed to or intended for use by Retail Clients. Index Fund launch Future World Fund Q&A Investing for the world you want to
More information2017 Investor Pulse. Switzerland MKTG0817E
2017 Investor Pulse Switzerland What s on the mind of Switzerland s wealthy investors? Welcome to the latest edition of Investor Pulse, the world s most extensive survey of behaviour among investors. In
More informationETFs: Broad Usage Increases Amongst European Institutional Investors
ETFs: Broad Usage Increases Amongst European Institutional Investors GREENWICH ASSOCIATES CONTENTS Executive Summary 3 European Institutions: Leading the World in ETF Investing 3 Institutions Adopt ETFs
More informationSmart beta: 2015 global survey findings from asset owners
Smart beta: 2015 global survey findings from asset owners ftserussell.com Contents 1 Introduction 2 Summary of key themes 4 Survey background 6 Section 1: Smart beta adoption and outlook are driven primarily
More informationMarkit Exchange Traded Product
2014 Solutions Markit Exchange Traded Product The most advanced, comprehensive view of the global ETP market, serving all market participants ETP Multi-Asset Composition Data ETP Encyclopedia ETP Analytics
More informationSpotting Passive Investment Trends: The EDHEC European ETF Survey
Spotting Passive Investment Trends: The EDHEC European ETF Survey Felix Goltz Head of Applied Research, EDHEC-Risk Institute Research Director, ERI Scientific Beta This research has been carried out as
More informationDiscover the power. of ETFs. Not FDIC Insured May May Lose Lose Value Value No No Bank Bank Guarantee
Discover the power of ETFs Not FDIC Insured May May Lose Lose Value Value No No Bank Bank Guarantee Discover exchange-traded funds (ETFs) Financial television programs and publications continue to give
More informationSEPARATE ACCOUNTS IN PRIVATE EQUITY Custom Solutions, Targeted Investing
SEPARATE ACCOUNTS IN PRIVATE EQUITY Custom Solutions, Targeted Investing MAY 2017 CONTENTS INTRODUCTION 2 FOUNDATIONAL COMPONENTS OF AN SMA 3 HOW PRIVATE EQUITY INVESTORS USE SMAs 4 CASE STUDY: TRANSITIONING
More informationDiscover the power. of ETFs. Not FDIC Insured May May Lose Lose Value Value No No Bank Bank Guarantee
Discover the power of ETFs Not FDIC Insured May May Lose Lose Value Value No No Bank Bank Guarantee Discover exchange-traded funds (ETFs) Financial television programs and publications continue to give
More informationIndex Investing: Exchange Traded Funds (ETFs), Index Mutual Funds, & Indexed Separate Accounts
Financial Institutions Profiles Series Index Investing: Exchange Traded Funds (ETFs), Index Mutual Funds, & Indexed Separate Accounts (Table of Contents) October 18, 2017 TABLE OF CONTENTS Index Investing
More informationThe Total Cost of ETF Ownership An Important but Complex Calculation
PRACTICE MANAGEMENT INSIGHTS The Total Cost of ETF Ownership An Important but Complex Calculation Christopher Huemmer, CFA Senior Investment Strategist An investor should aim for a full understanding of
More informationIRELAND EUROPE S CENTRE OF EXCELLENCE FOR EXCHANGE TRADED FUNDS
IRELAND EUROPE S CENTRE OF EXCELLENCE FOR EXCHANGE TRADED FUNDS irishfunds.ie CONTENTS Executive Summary 4 Ireland - the European Centre for Exchange Traded Funds (ETFs) 5 Growth of Irish ETFs and Current
More informationYOUR CLIENTS ARE LOOKING FOR A TARGET DATE ADVANTAGE
Legg Mason Total Advantage Funds Wilmington Trust, N.A. YOUR CLIENTS ARE LOOKING FOR A TARGET DATE ADVANTAGE Nine out of 10 retirees and pre-retirees agree that it is important to take steps to avoid major
More informationEGA EM Investor Sentiment Survey
EGA EM Investor Sentiment Survey Conducted in 2Q16 155 W 19th St. New York, NY 10011 +1 888 800 4347 emergingglobaladvisors.com 1 DISCLOSURES Disclosures Investors should carefully consider the investment
More informationADVISORY SERVICES - WRAP FEE PROGRAMS SEC Number: DISCLOSURE BROCHURE
ADVISORY SERVICES - WRAP FEE PROGRAMS SEC Number: 801-43561 NOVEMBER 14, 2017 DISCLOSURE BROCHURE This Brochure provides information about the qualifications and business practices of Century Securities
More informationTURNER INVESTMENTS COMMENTARY
February 2017 TURNER INVESTMENTS COMMENTARY ETFs: STATE OF THE NATION Hon. Garth Turner PC Financial Advisor 416-346-0086 It s simple: we build client portfolios with only exchange-traded funds (ETFs).
More informationSeeking higher returns or lower risk through ETFs
Seeking higher returns or lower risk through ETFs BROUGHT TO YOU BY: Contents Seeking higher returns or lower risk through ETFs Factors and the rise of smart beta Reducing risk through smart beta strategies
More informationCIBC EXCHANGE TRADED FUNDS. Strategic, low-cost solutions for your investment portfolio
CIBC EXCHANGE TRADED FUNDS Strategic, low-cost solutions for your investment portfolio Why Consider ETFs? Similar to mutual funds, exchange traded funds (ETFs) provide an easy-to-use, low-cost way to invest
More informationMid-Year Survey of Hedge Fund Investor Sentiment
Mid-Year Survey of Hedge Fund Investor Sentiment Credit Suisse Capital Services July 2014 Credit Suisse Credit Suisse AG is one of the world's leading financial services providers and is part of the Credit
More informationThe Opportunity in Smart-Beta ETFs
The Opportunity in Smart-Beta ETFs Why smart-beta ETFs present growth potential for both active and passive asset managers, and what executives need to know about distributing them through advisors. August
More informationMulti-Balanced Model: Your Questions Answered
Multi-Balanced Model: Your Questions Answered Brian A. Schroeder Founding Partner Investment Change Evaluations, LLC November, 2015 In July 2014, Benefits Magazine published my article Multi-Balanced Model:
More information(R)evolution of ETFs
(R)evolution of ETFs Agenda The global ETP marketplace Indexing adoption accelerates Fee and regulatory (r)evolution ETF usage trends Trading evolution 2 Global ETP marketplace Assets (US$ billions) $2,000
More informationAMP CAPITAL BLACK SKY REPORT 2017
1 Tim Keegan, AMP Capital Tim is responsible for AMP Capital s presence in the self-managed superannuation fund (SMSF) and self-directed wealth markets including product development, direct distribution,
More informationline of Sight Customised Beta Changing Perspectives on Passive Investing Asian Edition
line of Sight Customised Changing Perspectives on Passive Investing Asian Edition We hope you enjoy the latest presentation from Northern Trust s Line of Sight. By providing research, findings, analysis
More informationFactor Investing: 2018 Landscape
Factor Investing: 2018 Landscape Growth expected to continue The factor investing landscape has proliferated in recent years. Today, the factor industry is $1.9 trillion in AUM and has grown organically
More informationADVISORY SERVICES - WRAP FEE PROGRAMS SEC Number: DISCLOSURE BROCHURE
ADVISORY SERVICES - WRAP FEE PROGRAMS SEC Number: 801-43561 JUNE 12, 2017 DISCLOSURE BROCHURE This Brochure provides information about the qualifications and business practices of Century Securities Associates,
More informationMulti-Asset Income Investing
LEADERSHIP SERIES Multi-Asset Income Investing Look for go-anywhere flexibility focused on income and guided by a risk framework Adam Kramer l Portfolio Manager Jim Morrow l Portfolio Manager Ford O Neil
More informationSimple. Intelligent. Versatile.
SPONSORED BY M &T BANK Simple. Intelligent. Versatile. page 3 Portfolio Architect is a managed account program sponsored and managed by M&T Bank, with support from Wilmington Trust Investment Advisors,
More informationVenture Capital 4% Strategy. Mega/Large Buyout 29% Highlights from the 2016 GP Dashboard include:
GP Dashboard We are pleased to present Hamilton Lane s GP Dashboard, which captures the opinions and expectations of general partners from around the world and offers insight into where the GP community
More informationQEMM SPDR MSCI Emerging Markets StrategicFactors ETF
SPDR MSCI Emerging Markets StrategicFactors ETF ETF.com segment: Equity: Emerging Markets - Total Market Competing ETFs: GEM, FEM, FLQE, MFEM, EMGF Related ETF Channels: Emerging Markets, Multi-factor,
More informationNot all beta is created equal
Not all beta is created equal John Hancock Multifactor ETFs Indexes designed by Dimensional Fund Advisors We believe investors deserve more than the bigger-is-better approach behind most capitalization-weighted
More informationRIAs Allocating More To Alternative Assets in 2018 Survey Finds
For More Information: Contact Anthony J. DeFazio DeFazio Communications Email: tony@defaziocommunications.com Ph: 484-410-1354 For Immediate Release RIAs Allocating More To Alternative Assets in 2018 Survey
More informationYIELD HUNGRY INVESTORS HEAD TO OZ
YIELD HUNGRY INVESTORS HEAD TO OZ Sponsored by: SPONSORED CONTENT YIELD HUNGRY INVESTORS HEAD TO OZ Asiamoney and National Australia Bank s latest poll on Asian and European investors appetite for Australian
More informationNLR VanEck Vectors Uranium+Nuclear Energy ETF
VanEck Vectors Uranium+Nuclear Energy ETF ETF.com segment: Equity: Global Nuclear Energy Competing ETFs: URA Related ETF Channels: Nuclear Energy, Nuclear, Vanilla, Theme Investing, Global, Equity, Sectors
More informationSchroders. KBW European Financials Conference. Massimo Tosato Vice Chairman. 17 September trusted heritage advanced thinking
Schroders KBW European Financials Conference Massimo Tosato Vice Chairman trusted heritage advanced thinking 17 September 2008 Schroders plc Overview Independent Exclusive focus on asset management Global
More informationCover subhead here (sentence case)
Q1 Month 20192015 Cover In Turbulent Headline Times, Here European (Title Institutions Case) Turn to ETFs Cover subhead here (sentence case) CONTENTS 2 Executive Summary 4 Introduction 5 Institutions Top
More informationRWR SPDR Dow Jones REIT ETF
SPDR Dow Jones REIT ETF ETF.com segment: Equity: U.S. Real Estate Competing ETFs: SCHH, VNQ, IYR, XLRE, USRT Related ETF Channels: North America, U.S., Broad-based, Vanilla, Equity, Real Estate, REIT,
More informationFebruary The Fund Guide. Investing your money with confidence
February 2018 The Fund Guide Investing your money with confidence Allow us to introduce ourselves. We are Zurich. We are part of a global insurance group with Swiss roots. We are one of Ireland s most
More informationETFs: A BEGINNER S GUIDE. November 2018
ETFs: A BEGINNER S GUIDE November 2018 The purpose of this guide is to provide an introductory guide to exchange traded funds ( ETFs ) in Europe. We note that this guide has been made available to the
More informationInstitutional Investors Embrace Bond ETFs
Q3 2016 Institutional Investors Embrace Bond ETFs CONTENTS 2 Executive Summary 4 Institutions Are Adapting to a Tough Trading Environment by Employing ETFs 6 Institutions Are Starting to Rely on ETFs to
More informationSpectrum of Advisor Independence Study
Spectrum of Advisor Independence Study December 2018 Media contact: Rob Farmer Corporate Public Relations 415-920-3816 rob.farmer@schwab.com Contents Introduction 2 Detailed findings Going independent:
More informationREPORT Boutique Advisory Firms and RIAs LOOK INSIDE TO PURCHASE CALL VISIT HAVE US CONTACT YOU: $13,000
THE CERULLI REPORT Boutique Advisory Firms and RIAs Balancing Scale and Independence for Top-Tier Advisors Overview While complete independence piques the interest of many advisors, this interest often
More informationSEPARATELY MANAGED ACCOUNTS
Offering Guide Leadership and Innovation SEPARATELY MANAGED ACCOUNTS Today s complex markets require different approaches ones that can provide greater financial freedom, active management and tax control.
More informationU.S. Managed Accounts 2017
U.S. Managed Accounts 2017 Convergence and its Implications Overview & Methodology In its fifteenth iteration, this annual report dissects the managed account marketplace, providing key business metrics
More informationLEADING WITH OPTIMISM IN TIMES OF UNCERTAINTY How companies, sponsors and investors view the middle market landscape post-election.
ANTARES COMPASS: LEADING WITH OPTIMISM IN TIMES OF UNCERTAINTY How companies, sponsors and investors view the middle market landscape post-election. Optimism is the prevailing sentiment within the middle
More informationFor professional investors only. Invest from a new perspective BMO ETFs
For professional investors only Invest from a new perspective BMO ETFs BMO Global Asset Management intelligent about Exchange Traded Funds (ETFs) At BMO Global Asset Management, our focus is on the provision
More informationData can inspire plan changes
REFERENCE POINT Data can inspire plan changes TABLE OF CONTENTS Executive Summary... 3 Auto-Solutions... 5 Contributions...14 Investments...32 Loan and Disbursement Behavior...43 Need more robust industry
More informationBancAnalysts Association of Boston 25 th Annual Fall Conference
N O R T H E R N T R U S T C O R P O R A T I O N BancAnalysts Association of Boston 25 th Annual Fall Conference November 2, 2006 Steven L. Fradkin Executive Vice President & Chief Financial Officer 2006
More informationPICKING A WINNER Advisers share their favorite investment managers and recordkeepers
PICKING A WINNER Advisers share their favorite investment managers and recordkeepers Advisers generally deal with multiple plan providers and investment managers on a regular basis, and in a variety of
More informationSTEPPING STONES TO AN ADVISORY TRANSITION
STEPPING STONES TO AN ADVISORY TRANSITION INSIDE: Many advisors are moving toward advisory models when appropriate for their clients and their practice. Here s why you may want to follow suit and how you
More informationNavigating the ETF Landscape
Navigating the ETF Landscape Daniel Prince, CFA Director, Head of ishares Product Consulting May 3, 2017 Agenda What are Exchange Traded Funds (ETFs) What is driving ETF usage ETF trends and innovation
More informationBBH s Approach to Long/Short Equity Investing
Investing BBH s Approach to Long/Short Equity Investing Authors Brian Nelson, CFA Investment Analyst Thomas Martin, CFA Investment Strategy Analyst In order to create and sustain a successful investment
More informationDiversified Stock Income Plan
Joseph E. Buffa, Equity Sector Analyst Michael A. Colón, Equity Sector Analyst Diversified Stock Income Plan 2017 Concept Review The Diversified Stock Income Plan (DSIP List) focuses on companies that
More informationPREQIN SPECIAL REPORT: PRIVATE DEBT FUND MANAGER OUTLOOK
PREQIN SPECIAL REPORT: PRIVATE DEBT FUND MANAGER OUTLOOK H1 2018 PREQIN SPECIAL REPORT: PRIVATE DEBT FUND MANAGER OUTLOOK, H1 2018 FOREWORD The private debt industry witnessed considerable growth throughout
More informationTop Considerations Before Hiring a Private Wealth Manager
Special Commentary Top Considerations Before Hiring a Private Wealth Manager Hiring a private wealth manager can seem like a complicated decision. This is especially the case for those who may not have
More informationSeven Considerations Before Creating a Family Office
Seven Considerations Before Creating a Family Office Should I create a family office to manage my wealth and investments? This is a question that many wealthy families with over $100 million in investable
More informationHigh-conviction strategies: Investing like you mean it
BMO Global Asset Management APRIL 2018 Asset Manager Insights High-conviction strategies: Investing like you mean it While the active/passive debate carries on across the asset management industry, it
More informationRetail: Competing in the New World J.P. Morgan UK Financials Conference Wednesday, 8 December 2010
Retail: Competing in the New World J.P. Morgan UK Financials Conference Wednesday, 8 December 2010 James Cardew Global Head of Marketing Schroders plc Agenda Schroders Global business Schroders UK intermediary
More information