Standard & Poor's and Credit Lyonnais Asset Management announced today a partnership under which Credit Lyonnais will create, list and promote exchange-traded funds in Europe under the SPDR trade name.
The new ETFs will track the S&P Europe 350 and S&P Euro indices and their geographical and sector sub-components. Credit Lyonnais plans to introduce its first two SPDRs before year-end.
The two companies hope to leverage the international brand recognition of the SPDR name to tap into the developing European market. As of Oct.1, the SPDR family of 11 ETFs represented over $31 billion in assets under management on the U.S. market. Since 1997, the worldwide ETF market has increased more than tenfold. In Europe, 43 ETF's currently trade and since only January 2001, their assets under management have grown to over EUR 3 billion.
AIB/ Bank of New York will act as administrator and custodian to the European SPDR.