DWS pushed ahead of BlackRock to claim the top position in ETF Stream’s inaugural ETF Issuer Power Rankings after leading on launches and staging a comeback in asset gathering.
The German issuer scored highest across activity and theme presence categories after capturing $22.5bn of inflows in 2023, a turnaround from $3.8bn outflows the year before. DWS also launched 46 new ETFs over the 12 months including its ‘Europe-first’ SDG range.
Also booking a year of strong relative growth was JP Morgan Asset Management. The ETF issuer’s $5.7bn inflows last year further consolidated its dominant stake in active ETFs, where it has a 42.5% market share.
Faring differently, UBS Asset Management and State Street Global Advisors did not make the top 10, with the former suffering outflows and the latter stymied by low launch activity.
Activity on the launch front
An active week in product development saw HANetf and Sprott Asset Management partner to launch Europe’s first junior uranium miners ETF while Goldman Sachs Asset Management unveiled its first ETF since 2022.
The Sprott Junior Uranium Miners UCITS ETF (URNJ) captures small and mid-cap miners which are more exposed to the price of uranium and less exposed on the contract front.
GSAM expanded its fixed income ESG range with the Goldman Sachs Global Green Bond UCITS ETF (GSGR), which captures green bond issuance from companies in G10 countries.
Fund selectors cut cash
Finally, the latest Bank of America fund manager survey revealed average investor cash positions have been cut from 4.8% to 4.2%, with US tech allocations rising in anticipation of interest rate cuts.
In fact, 61% of respondents viewed US mega-cap tech as the most crowded trade, with 85% expecting the US Treasury yield curve to steepen in the coming months.
These findings came despite recent inflation readings and most managers predicting no recession on the horizon for the first time since April 2022.
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