UK - FTSE Group has launched a new European Sector Index Series.
The indices went live this week with Exchange Traded Funds (ETFs) issued by iShares which are marketed and managed by Barclays Global Investors.
The move represents a change of benchmark for iShares and a cut in annual management fees from 0.5% pa to 0.35% pa. BGI claims that the fee reduction makes iShares the “cheapest route to investing in European sectors.”
There are now 26 ETFs listed on FTSE’s European indices, with almost £800m of assets under management.
The series covers eight of the most traded sectors with some 30 constituents in each index, and aims to provide exposure to highly liquid constituents and low turnover.
It is expected that additional products will be launched in the series in the near future.
Commenting on the changes, John Demaine, iShares director said: “iShares continually seeks to ensure that investors are getting the investment tools they need. Our range of exchange traded funds must therefore be constructed to best reflect a particular market or sector.
“The European sector iShares will benefit from being aligned to such a widely benchmarked index provider as FTSE. iShares now offers the lowest Total Expense Ratio of any pan-European sector funds, capped at 0.40% p.a.”
Market makers in the iShares FTSE European Sector Funds include Dresdner Kleinwort Wasserstein, Goldman Sachs International, Merrill Lynch International and Morgan Stanley & Co. International Limited.
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.