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ETF assets reached USD773bn in November, says Morgan Stanley

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A total of 1,137 exchange-traded funds with assets of USD773.2bn and managed by 73 managers were listed on 42 exchanges, accounting for a total of 1,847 listings, at the end of November, a

A total of 1,137 exchange-traded funds with assets of USD773.2bn and managed by 73 managers were listed on 42 exchanges, accounting for a total of 1,847 listings, at the end of November, according to the latest report on the exchange-traded fund sector from Morgan Stanley.

The US has the largest number of products at 583 ETFs with assets under management of USD550.2bn, followed by Europe with 412 ETFs and USD134.8bn in assets and Japan with 15 ETFs and USD35.3bn.

Worldwide ETF assets increased by 36.7 per cent in the first 11 months of 2007, with assets in Europe-listed ETFs growing by 50.3 per cent, US ETF assets up by 35.2 per cent and Japan experiencing ETF asset growth of 1.8 per cent.

Worldwide average daily trading volumes grew even more dramatically, with worldwide 20-day average daily trading volumes in US dollar growing by 264.7 per cent in the first 11 months of the year, from USD24.6bn at the end of 2006 to USD89.6bn.

The number of new ETF launches continues to grow, the report says. At the end of November, 423 ETFs had been launched during the year, a significant increase from the 280 funds launched throughout 2006, and the 119 launched in 2005. Morgan Stanley says there are plans for the launch of a further 499 ETFs, 51 in Europe, 390 in the US and 58 in the rest of the world.

More than 2,200 institutional investors worldwide have now reported using one or more ETFs, an increase of 1,242 per cent over the past nine years. The number of hedge funds that report having used ETFs over the past year has grown by 36 per cent.

Morgan Stanley forecasts that ETF assets under management will exceed USD2trn during 2011 as a result of a number of factors, including continuing growth in the number of institutional and retail investors that use ETFs as useful tools for tactical and strategic exposure.

Asset growth is also being driven by funds making larger allocations to ETFs as a result of regulatory changes in the US, Europe and emerging markets, expansion in asset classes and the number and types of equity, fixed income, commodity and other indices covered, the emergence of investment products that employ ETFs and other low-cost beta products, the creation of new ETF trading segments by exchanges and an expected expansion in the number of issuers and managers of ETFs.

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