EUROPE/UK – The SPDR Europe 350 and SPDR Euro exchange traded funds, the ETF range launched in a joint venture earlier this year between index provider Standard & Poor’s (S&P) and French investment management group, Crédit Lyonnais Asset Management, have been authorised for sale in the UK.

The move means the funds are now available in France, Ireland, where they are domiciled, and the UK. With respective assets under management of some €300m and €209m, the SPDR Europe 350 and SPDR Euro are now among the top ten European ETFs, according to the latest figures issued by Morgan Stanley in London.

Says a spokesman for Crédit Lyonnais: “the growth of the SPDR funds in such a short time underlines the growing European ETF market overall. This is market that we believe will continue to grow at a phenomenal rate.”

A spokesman for Morgan Stanley says the European ETF market has more than doubled in value since last September, from $3.54bn (€3.6bn) invested across 43 ETFs to $8.1bn (€8.2bn) across 92 at the present time.

The SPDR funds are still awaiting approval in Germany, Italy, Luxembourg, Spain and Switzerland.