贵金属投资技术分析英文版(56).pptVIP

Liquidity, innovation, transparency.It starts here. In partnership with BofA Merrill Lynch Goldman Sachs J.P. Morgan Morgan Stanley Nomura PIMCO Man GLG * The European ETF market is crowded but relatively inefficient Assets under management are growing but market penetration is still shallow Liquidity in Europe does not compare to the US Source – one of the fastest growing ETF providers in Europe Outstanding AUM of over US$8.5 BN and trading turnover of US$200 BN in 2 year period since launch – one of the fastest growing ETF providers in Europe Through its partners, Source is uniquely positioned to deliver highly liquid products and therefore significantly reduced trading costs. Owned by five of the world’s largest equity trading houses – BofA Merrill Lynch, Goldman Sachs, JP Morgan, Morgan Stanley and Nomura Source has leveraged its core partners, as well as 20 other partners including PIMCO and Man GLG, to deliver investors enhanced returns through reduced trading costs Most robust and transparent solution to counterparty risk in the market: counterparty risk management incorporates counterparty diversification, strict risk limits, unparalleled investor transparency with full investment in listed equities. In the first 2 years, the amount owed to our funds by our swap counterparties has been close to zero Source: Introducing our story * AuM growth: Europe vs. US The ETP industry: European market is reaching an inflection point The European ETP market has had a strong start. Will growth continue to accelerate? Even with no AuM growth, there is a US$473 BN opportunity in Europe if the ETP market share rises from 2.0% to 4.6% Data: Morgan Stanley, European Fund and Asset Management Association (EFAMA) 1 EFAMA as of Q4 2010 2 Source: Blackrock as of April 2011 AuM (US$ BN) US Europe Total investment fund assets (TIFA) US$25 trillion US$18 trillion ETP market share of TIFA2 US$1,140 BN (4.6%) US$364 BN (2.0%) * US vs. European ETF average daily trading vo