Tue, 24/09/2013 - 11:55
Following its acquisition of Credit Suisse’s exchange-traded fund business, iShares is making changes to its product range in Europe.
iShares will be closing 15 equity and commodity ETFs as of 24 October due to a variety of factors, principally low investor demand for the funds. The funds concerned include eight iShares funds and seven legacy Credit Suisse ETFs.
The combination of the two fund lines has resulted in 10 identical exposures. iShares has harmonised the pricing for these to ensure holders in each range are treated equally.
Repositioning the accumulating versions of the iShares FTSE 100 UCITS ETF, iShares S&P 500 UCITS ETF and the iShares S&P 500 – B UCITS ETF at a total expense ratio (TER) of 15 basis points to meet the growing needs of long term investors turning to low cost and transparent ETFs at the core of their portfolios. There are no changes to the distributing versions of these exposures, which continue to meet the needs of investors who put a premium on greater liquidity and capital markets depth for their shorter-term needs.
Joe Linhares, head of iShares EMEA, says: “We completed the acquisition of Credit Suisse’s ETF business in July, and the ongoing integration process has given us a great opportunity to look across our funds and ensure we’re providing investors with the range and exposures they need today.
“Credit Suisse’s ETF business was highly complementary to iShares’ offering in Europe. The review and streamlining of the product range has resulted in a small number of fund closures. As the largest ETF provider in Europe, with over 250 products, we’re committed to launching new and innovative funds, such as our minimum volatility range, and also to maintaining an efficient and relevant fund offering across the region. Today’s changes mean that where there has been overlap between funds, our investors will benefit from consistent, and in many cases lower TERs as a result of the acquisition.
“Traditional buy-and-hold investors tell us they want access to the broadest market exposure in a way that enables them to keep more of what they earn over long holding periods. They deserve low-cost funds that provide deep access to markets. Accumulating funds also provide greater efficiency for buy and hold investors as they reinvest their dividends in line with the benchmark. By offering a lower expense ratio for our accumulating funds on two of the most in-demand exposures in Europe, giving access to leading UK and US exposures at a lower price, we are providing clients with choice to match their unique investment objectives and strategy.”
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