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An artificial intelligence-focused exchange traded fund will on Thursday become the first ETF in Europe to be launched through a Goldman Sachs-run platform for small fund managers.

The AI-Enhanced Eurozone Equities Ucits ETF, managed by Germany’s Baader Bank and based on an investment strategy designed by Ultramarin, which specialises in AI-based forecasting models, will list on Frankfurt’s Xetra exchange.

The launch marks the first time a big-name financial institution has helped a European ETF issuer to bring a fund to market, a sign of the growing importance of the continent’s ETF industry, which recently passed $2tn in assets.

Goldman’s ETF Accelerator is similar to “white label” platforms designed to facilitate the launch of third-party funds that have proved popular in the US and made some headway in Europe.

These platforms allow smaller fund managers and new entrants to launch ETFs more quickly and cheaply than they could otherwise do, with the white labeller often providing services such as distribution, marketing, capital market support, custody, compliance, seed funding and administration. Goldman’s platform, which went live last year, currently hosts five US-listed ETFs with combined assets of $3bn.

“This is a massive milestone for our business to be able to demonstrate the ETF Accelerator’s global capabilities,” said Lisa Mantil, global head of the Goldman Sachs ETF Accelerator, who lauded the benefits of the Ucits fund structure, which can be distributed to more than 80 countries in Europe, Asia and Latin America.

The launch “really cements the fact that we are the only global service provider in the ETF space. This is our first [in Europe]. It absolutely will not be our last”, Mantil added.

“Our intention is to lower the barriers to entry for any investment manager that wants to get into the ETF space. I think we are going to see a lot more filings, a lot more launches, and that’s global.”

The white label market has taken off in the US, where platforms operated by the likes of Tidal Financial Group, Exchange Traded Concepts and Alpha Architect service several hundred ETFs.

Europe’s undisputed market leader is London-based HANetf, which currently offers 32 ETFs and other exchange traded products with combined assets of $4bn. A dozen more funds are lined up to launch in the near future, according to Hector McNeil, co-chief executive.

McNeil welcomed Goldman’s arrival in the European market. “I wish we would get a bit more competition. I want the industry to grow. When you are the only

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Investors in several European commercial mortgage bonds that were originally sold with top credit ratings look set to suffer losses, say analysts, the first time since the global financial crisis that the safest tier of this debt has been hit.

Among those set for losses are holders of the most senior bonds in a commercial mortgage-backed security that originally made a loan to Oaktree Capital Management to finance three UK shopping centres. The recently agreed sale of the underlying properties is expected to raise less than the value of the outstanding debt.

Meanwhile, rating agency Fitch has predicted that investors in the safest tranche of two more CMBS deals, including one set up to lend to Brookfield, are also facing losses.

“Certainly as an investor you wouldn’t expect to see losses at triple-A level, it’s not a good headline,” said Elena Rinaldi, a portfolio manager in the asset-backed securities team at TwentyFour Asset Management.

Rising borrowing costs over the past two years have triggered the worst downturn in commercial real estate since the 2008 global financial crisis, with the value of offices, retail and other assets falling by between a third and a fifth from their 2022 peak in Europe.

More conservative levels of borrowing today than in the run-up to 2008 have meant that signs of distress have been slower to emerge among property investors this time around. However, the latest predictions of losses show that the pain in the property markets is now hitting even the most protected tier of real estate-backed credit investments.

The loan was transferred to Mount Street — a “special servicer” that tries to maximise the recovery for investors — in 2020 after breaching covenants, and has been in default since then.

Elizabeth Finance 2018 DAC, the CMBS vehicle set up to issue the debt, announced last week that Mount Street had accepted a £35mn bid for the shopping centres in King’s Lynn, Dunfermline and Loughborough, known as the Maroon properties. The bid would deliver net proceeds of about £31.5mn to debt investors, it said.

Holders of the most senior bonds are owed £33.6mn, according to Bank of America, and therefore under this proposal are set to incur a 6.3 per cent loss.

“The biggest problem has been interest rates, quite simply,” said James Bannister, head of special servicing at Mount

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In an era of stringent regulations, the UK’s wealth management industry is at a pivotal juncture, with the Financial Conduct Authority’s Consumer Duty setting a new bar for investor relations.

Savanta’s latest surveys of 25 of the UK’s leading wealth managers and 500 millionaire investors provides a snapshot of the sector’s evolution and its implications for investors.

Our findings reveal a landscape of transformation. Three-quarters of the wealth managers surveyed acknowledge the regulation has had a positive impact on client experiences. Firms in the industry are taking strides to align with the rules and improve client outcomes.

In the main, they have focused on how they engage with their clients. Firms provide more and better training and guidance, such as developing communications toolkits for advisers.

Many have become more flexible in what they offer to make investment options more tailored to client needs. Others have linked performance objectives to client outcomes and built customer feedback into their communications.

Our data suggests millionaire investors are seeing positives. Very few wealthy UK investors consider their products are inflexible to their needs (3 per cent) or that their investments aren’t suitable for their goals or risk appetite (2 per cent).

There has also been significant action on communication to ensure that clients truly understand what they’re investing in and how it’s performing.

However, according to the investors, there is still work to be done. Only 84 per cent of UK millionaires believe they receive effective and clear communication that they can easily understand. This is despite one in three wealth managers redesigning valuation reports and providing more resources to clients.

Wealth managers have made great efforts to simplify and clarify their fees in recent years and only 3 per cent of surveyed clients believe it’s unclear how much they pay for the services received.

But giving clients value in how the products achieve their outcomes is a key element of the Consumer Duty. Many investors will be pleased that one in three wealth managers have reduced their fees. However, one in 20 UK millionaires don’t think their main wealth manager provides good value for money. And a further 15 per cent are unsure whether this is the case.

From all our work with wealth managers and investors over the years, we know this is strongly affected by investment performance and the past couple of years

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