State Street Global Advisors has been given the green light by the FSA to market its exchange traded...
State Street Global Advisors has been given the green light by the FSA to market its exchange traded funds (ETFs) through the UK retail channel.
The range of ETFs, which are large tracking funds traded as a share, are branded street-tracks. Based on MSCI sector indices and listed on Euronext Paris and Amsterdam, the firm has no plans to list them on the London Stock Exchange.
There are 13 ETFs in the European range from State Street Global Advisers, which is the investment management arm of State Street. Three of the funds track the AEX Index, as well as the MSCI Pan-European and UK indices, while the remainder track MSCI European sector indices. Sector trackers are consumer discretionary, consumer staples, energy, financials, health care, industrials, information technology, materials, utilities and telecommunication services .
Jean-FranÃ§ois Schock, executive director of sales, marketing and distribution for State Street Global Advisors, said: 'We are delighted to have obtained UK recognition for the European street-tracks funds.
'Although UK investors trading on Euronext have been able to access these funds for some time, the FSA recognition allows us to market the funds actively to a wider audience in the UK and make institutional and retail investors aware of their considerable benefits.'
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