iShares proposes acquisition of Credit Suisse European ETF business
11 January 2013
News, Global, Europe
By ETFI Asia
An iShares acquisition of the Credit Suisse ETF business would give iShares a dominant position of 47.5% market share in the European ETF industry based on ETFGI year-end data (iShares ETF market share: 42.2% plus CS ETF market share: 5.3%, see first chart below).
And adding Credit Suisse physical ETF assets to iShares physical ETF assets would give iShares 74.6% of physical ETFs, based on ETFGI year-end data (see second chart below).
In Europe in 2012, physical ETFs gathered net inflows of US$23.1 billion in 2012 compared to net inflows of US$3.2 billion into synthetic ETFs.
At the end of 2012, of the 1,332 ETFs in Europe, 529 ETFs (39.7%) used physical replication while 796 ETFs (59.8%) were synthetically replicated. In terms of assets, of the US$331 billion in total ETF assets at the end of 2012, US$209 billion (63.2%) was held in physical ETFs compared to US$121 Bn (36.4%) in synthetic ETFs.
During 2012 DB X-trackers announced they would offer physical ETFs in addition to their synthetic ETFs and Lyxor announced they would convert some of their synthetic ETFs to physical based on investor preference.
Adding CS physical ETF assets to iShares physical ETF assets would give iShares 74.6% of physical ETFs, based on ETFGI year-end data.
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