ETF Strategist Leaves Deutsche Bank Amid Restructuring

October 03, 2012


Deutsche Bank’s exchange-traded fund strategist, Christos Costandinides, has left the bank, according to industry sources.

Costandinides was responsible for the bank’s ETF strategy reports, which were published weekly and monthly. He was based in the research department, which is a part of the investment bank at Deutsche.

The move comes only a month after the Frankfurt-based bank announced that its ETF business, db x-trackers, will be moving from the investment banking division to a new asset and wealth management division within the universal banking group. reported in September that db x-trackers had lost significant market share since last year to Europe’s largest ETF issuer by assets under management, iShares and, to a lesser extent, to other European ETF issuers.

Europe’s ETF industry has come under fierce regulatory scrutiny in the last two years, resulting in a slowdown in the market’s previously heady growth rate, although ETFs continue to gain market share at the expense of other mutual funds.

Synthetic (derivatives-based) ETFs of the type popularised by Deutsche and other European investment banks have, however, recently lost ground to providers of ETFs offering the traditional route of physical index replication.

The European Securities and Markets Authority (ESMA) issued new guidelines for ETFs and other retail mutual funds (UCITS) at the end of July this year.

Deutsche Bank declined to comment.


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