S&P Joins Forces With Crédit Lyonnais To Provide European ETFs

by Carla Johnson, Investors Offshore.com

05 October 2001

Standard & Poor's and Crédit Lyonnais Asset Management have forged a new partnership under which the asset management subsidiary of Crédit Lyonnais Group has been selected to create, list and promote Exchange Traded Funds in Europe under the umbrella trade name SPDR (Standard & Poor's Depositary Receipts).

In a statement released by S&P, Jean Peyrelevade, Chairman of Crédit Lyonnais declared: 'We are excited to announce this new alliance of know-how which is in the direct line of our Group's development. The methodology, reputation and extent of supporting products and services offered by S&P's played a determining role in our commitment to developing SPDRs in Europe. Our partner's experience in creating indices that are globally considered the industry standard both for benchmarking as well as for indexed-based investment products is recognized world-wide.'

Crédit Lyonnais Asset Management says it plans to introduce its first two SPDRs on NextTrack, the dedicated ETF market segment on Euronext, before the end of the year. The first SPDRs launched will be indexed on the S&P Europe 350 and S&P Euro indices.

'We are delighted to have Crédit Lyonnais Asset Management as our partner in this major expansion of S&P's internationally respected index linked products in the European market,' said Harold McGraw III, President, Chairman and CEO of The McGraw-Hill Companies, the parent company of S&P's. He added: 'Given Crédit Lyonnais Asset Management's strong reputation and pan-European experience, we are confident that the S&P Europe 350 and S&P Euro SPDRs will replicate the success of the S&P 500 SPDR, the world's largest ETF.'

Recommended