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1、Liquidity,innovation,transparency.Itstartshere.InpartnershipwithBofAMerrillLynchGoldmanSachsJ.P.MorganMorganStanleyNomuraPIMCOManGLG2TheEuropeanETFmarketiscrowdedbutrelativelyinefficientAssetsundermanagementaregrowingbutmarketpenetrationisstillshallowLiqui
2、dityinEuropedoesnotcomparetotheUSSource–oneofthefastestgrowingETFprovidersinEuropeOutstandingAUMofoverUS$8.5BNandtradingturnoverofUS$200BNin2yearperiodsincelaunch–oneofthefastestgrowingETFprovidersinEuropeThroughitspartners,Sourceisuniquelypositionedtodeli
3、verhighlyliquidproductsandthereforesignificantlyreducedtradingcosts.Ownedbyfiveoftheworld’slargestequitytradinghouses–BofAMerrillLynch,GoldmanSachs,JPMorgan,MorganStanleyandNomuraSourcehasleverageditscorepartners,aswellas20otherpartnersincludingPIMCOandMan
4、GLG,todeliverinvestorsenhancedreturnsthroughreducedtradingcostsMostrobustandtransparentsolutiontocounterpartyriskinthemarket:counterpartyriskmanagementincorporatescounterpartydiversification,strictrisklimits,unparalleledinvestortransparencywithfullinvestme
5、ntinlistedequities.Inthefirst2years,theamountowedtoourfundsbyourswapcounterpartieshasbeenclosetozeroSource:Introducingourstory3AuMgrowth:Europevs.USTheETPindustry:EuropeanmarketisreachinganinflectionpointTheEuropeanETPmarkethashadastrongstart.Willgrowthcon
6、tinuetoaccelerate?EvenwithnoAuMgrowth,thereisaUS$473BNopportunityinEuropeiftheETPmarketsharerisesfrom2.0%to4.6%Data:MorganStanley,EuropeanFundandAssetManagementAssociation(EFAMA)1EFAMAasofQ420102Source:BlackrockasofApril2011AuM(US$BN)USEuropeTotalinvestmen
7、tfundassets(TIFA)US$25trillionUS$18trillionETPmarketshareofTIFA2US$1,140BN(4.6%)US$364BN(2.0%)4USvs.EuropeanETFaveragedailytradingvolumesTheETFindustry:UStradingvolumesdwarfEuropeU.S.ETFon-exchangeaveragedailytradingvolumesareoverUS$66BN(over6%ofAuM)vs.Eur
8、opeanETFvolumesofUS$3.2BN/day(1%ofAuM).WhatarethebigdifferencesbetweentheUSandEuropeanETFmarkets?Data:Factset,BloombergandGoldmanSachs,Blackrock.AsofApril2011USEuropeExchanges222Avg.productsperindex14#offunds
