trending Market Intelligence /marketintelligence/en/news-insights/trending/agihk4wm_vtjig1-sciklg2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

In this list

Deutsche Bank ETFs see a wave of outflows in September

Episode 11 - How COVID - 19 Has Reshaped The Advertising Industry

信用分析(Credit Analytics)案例: 瑞幸咖啡

S&P Podcast – Economic Recovery Will Guide US Ad Market

Cable Network Q1'20 Distribution Revenue Recap


Deutsche Bank ETFs see a wave of outflows in September

On top of a pending multibillion-dollar mortgage settlement and speculation about a government bailoutbecause of capital pressure,Deutsche Bank AG continuesto experience heavy net client outflows in its exchange-traded funds.

Deutsche Bank's suite of 37 ETFs, excluding exchange-traded notes,that trade on a U.S. stock exchange lost an aggregate of approximately $6 billionin net client assets through the first nine months of 2016, including more than$2 billion in September alone, according to data from ETF.com.

Todd Rosenbluth, director of ETF Research at CFRA, blamed theoutflows on investor apathy in Deutsche Bank's niche — international equities thatare currency hedged.

"The dollar has not strengthened as it did in 2015, andinvestor confidence in Europe and Japan has weakened," Rosenbluth said. "DeutscheBank and WisdomTree Investments Inc.are being hurt by this trend,but Deutsche Bank is less diversified to U.S. equities where demand has been stronger."

SNL Image

Deutsche Bank's largest ETF, Deutsche X-trackers MSCI EAFE HedgedEquity ETF (DBEF), accounts for the bulk of the issuer's outflows. DBEF has shedassets for eight consecutive months. Its $2.07 billion in September outflows ismore than twice the amount it experienced in any other month this year. Financialsis the top sector of the fund with an allocation of approximately 20%, but is the lone financialentry in the top 10 holdings.

The next-largest fund, Deutsche X-trackers MSCI Europe HedgedEquity ETF (DBEU), has several similarities with DBEF, including redemptions foreach of the last eight months. Its worst month for flows, however, was August.

The most successful of the bank's funds at attracting new assetsin 2016 has been Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (ASHR).Even though ASHR has recorded returns of negative 12.2% through the first nine monthsof the year, the fund has experienced $142.0 million in asset inflows. Financialscomprise more than one-third of the fund's assets and eight of the top 10 holdings,led by Ping An Insurance (Group) Co.of China Ltd., China MinshengBanking Corp. Ltd. and IndustrialBank Co. Ltd.

The future of Deutsche Bank's ETF line of business is uncertain.Depending on the bank's capital position, Deutsche Bank may be forced to considerselling its asset management division.

SNL Image

Click here for an Excel file with data on the 10 largest ETFs issued by Deutsche Bank.

Click here for a template to view asset manager peer comparisons.