Blackrock Global ETP Landscape: January 2015

– Global asset gathering moderated from recent months to $11.6bn, with significant inflows for Europe equity and corporate bonds diverging from heavy redemptions for U.S. large cap and EM equity…..

Marchioni Ursula – Head of ETP Research EMEA at iShares

– The more aggressive than expected ECB quantitative easing announcement was well received by the market, contributing to record flows of $8.4bn for pan-European equity and $13.7bn for Europe-listed ETPs

– Exchange rate movements, particularly U.S. dollar appreciation against the euro, led to a new monthly high of $6.9bn for currency-hedged ETP flows, which were concentrated in Europe and EAFE equity exposures

– Equity market volatility, uncertainty surrounding global growth and the ECB stimulus news all supported ongoing demand for fixed income funds, which gathered $13.0bn, and kept downward pressure on interest rates

– Commodity flows accelerated to $5.2bn, the greatest monthly total in nearly five years, due to crude oil inflows following the collapse in oil prices as well as the first significant gold inflows since June Global ETP flows1 of $11.6bn in January moderated from the pace set in Q4. This was largely due to redemptions of ($18.3bn) for U.S. equity funds, a key driver of last year’s record industry growth. The S&P 500 was down 3.1% in January2, reminiscent of a similar slow start to the year in 2014.


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