Nik Bienkowski Co-Founder HANetffiles.hanetf.com/hanetf-presentation.pdf · printed, so the market...

31
ABOUT THE SPEAKER Nik Bienkowski Co-Founder HANetf

Transcript of Nik Bienkowski Co-Founder HANetffiles.hanetf.com/hanetf-presentation.pdf · printed, so the market...

Page 1: Nik Bienkowski Co-Founder HANetffiles.hanetf.com/hanetf-presentation.pdf · printed, so the market will see the whole spectrum of liquidity. • The UK’s FCA published the Asset

ABOUTTHESPEAKER

NikBienkowski

Co-Founder

HANetf

Page 2: Nik Bienkowski Co-Founder HANetffiles.hanetf.com/hanetf-presentation.pdf · printed, so the market will see the whole spectrum of liquidity. • The UK’s FCA published the Asset

KeyTopicsForToday

• StateoftheEuropeanFundandETFMarket

• EuropeanandUSETFMarketCompared

• OpportunitiesforETFIssuersinEurope

• ConsiderationsforLaunchingETFsinEurope

• DistributionofETFsinEurope

• Conclusion

Page 3: Nik Bienkowski Co-Founder HANetffiles.hanetf.com/hanetf-presentation.pdf · printed, so the market will see the whole spectrum of liquidity. • The UK’s FCA published the Asset

StateoftheEuropeanFundandETFMarket

Page 4: Nik Bienkowski Co-Founder HANetffiles.hanetf.com/hanetf-presentation.pdf · printed, so the market will see the whole spectrum of liquidity. • The UK’s FCA published the Asset

StateoftheEuropeanFundsMarket

• EuropeIsWorld’sSecondLargestFunds

Market– Roughly31%ofGlobalAssets

• EuropeIsWorld’sSecondLargestETF

Market- Roughly17%ofGlobalETFAssets

• TotalFundsAUMUp6%inEuropein2016

• TotalETFAUMUp13%inEuropein2016

Page 5: Nik Bienkowski Co-Founder HANetffiles.hanetf.com/hanetf-presentation.pdf · printed, so the market will see the whole spectrum of liquidity. • The UK’s FCA published the Asset

StateoftheEuropeanFundsMarket

• InvestmentFundsRepresent52%

ofAUM,andDiscretionary

MandatesMakeUpTheRest

• EuropeanUCITSAUMTotals

Approximately8.7trn,withthe

BalanceinAlternativeInvestment

Funds(AIFs)

• Over30,000UCITSFundsExistIn

Europe

Page 6: Nik Bienkowski Co-Founder HANetffiles.hanetf.com/hanetf-presentation.pdf · printed, so the market will see the whole spectrum of liquidity. • The UK’s FCA published the Asset

StateoftheEuropeanFundsMarketPassiveInvestments,ThoughSuccessful,StillHaveRoomToGrow

IndexAssetsRepresentRoughly12%ofEuropeanAUMvs.30%intheU.S.

ETFsEarned60%ofNetIndexCashFlowsOverPast10Years

Page 7: Nik Bienkowski Co-Founder HANetffiles.hanetf.com/hanetf-presentation.pdf · printed, so the market will see the whole spectrum of liquidity. • The UK’s FCA published the Asset

StateoftheEuropeanFundsMarket

• BondsAccountfortheLion’sShare

oftheEuropeanInvestment

PortfoliomanagedinEurope,

OutpacingEquities.

• ThatPositionHasRemainedSteady

• “Other”StrategiesAreGrowing

Fast

Source:EFAMA

Page 8: Nik Bienkowski Co-Founder HANetffiles.hanetf.com/hanetf-presentation.pdf · printed, so the market will see the whole spectrum of liquidity. • The UK’s FCA published the Asset

StateoftheEuropeanFundsMarket

• Since2008,theShareofCashand

MoneyMarketInstrumentsHas

DeclinedSharplyFrom16%to7%.

• OtherAssets– IncludingReal

Estate,HedgeFunds,Structured

ProductsandPrivateEquity– Have

Soared

Source:EFAMA

Page 9: Nik Bienkowski Co-Founder HANetffiles.hanetf.com/hanetf-presentation.pdf · printed, so the market will see the whole spectrum of liquidity. • The UK’s FCA published the Asset

StateoftheEuropeanETFMarketAsofJune2017:

• 2,286ETPs

• 5,896Listings

• 60Providers

• 27Exchanges

• 65%ofAUMisinEquities

TopETFIssuersByMarketShare:

• BlackRock:46.4%(€253b)

• db X-trackers:9.8%(€53b)

• Lyxor:9.3%(€51b)

• UBSETFs:5.5%(€30b)

• Amundi:4.6%(€25b)

• Vanguard:4.4%(€24b)

Source:ETFGI

Page 10: Nik Bienkowski Co-Founder HANetffiles.hanetf.com/hanetf-presentation.pdf · printed, so the market will see the whole spectrum of liquidity. • The UK’s FCA published the Asset

NewEntrantsToEuropeanETFMarketplaceWithrecordinflowshascomerecord

newlaunchesandnew

developments,including:

NewIssuers:• WisdomTree,ChinaPost,BMO,

Fidelity

PendingIssuers:• JPMorgan,FranklinTempleton,

GoldmanSachs,MultipleChinese

AssetManagers

NewProductThemes:• ESG,Factors,Thematic

Source:Morningstar

Page 11: Nik Bienkowski Co-Founder HANetffiles.hanetf.com/hanetf-presentation.pdf · printed, so the market will see the whole spectrum of liquidity. • The UK’s FCA published the Asset

EuropeanVs.USMarketFeatures Europe US

Product • 2286ETPs- $686bnAUM

• Shareclasscurrencyhedgingallowed

• UCITSregulationsdon’tallowsingleassets(e.g.gold)ormorethan2xleverage

• Syntheticreplicationpossible

• 2041ETPs- $2,973bn AUM

• Shareclass currencyhedgingnotallowed

• 3xleverageandgoldarepossibleinafund-likestructure

• SyntheticreplicationonlypossibleasaCPO

Issuers • Primarilybanks&assetmanagers

• Start-upissuersuncommon(exceptionsincludeETFSecurities,Boost,Think)

• Singleproductcompaniesnotpossible

• Dominated byassetmanagers

• Startup/entrepreneursmorecommon(PowerShares,GlobalX,Direxion,etc…)

• One-offentrepreneurspossible:HACK

Investors • 80/20splitinstitutional/retail • 50/50splitinstitutional/retail

Regulators • EUtrying tobeconsistentbutnotallcountriesareintheEU

• Localdifferencesstillexist,e.g.:activeETFs(portfoliodisclosure),bitcoin(howtotreatit),

commissions,iNAV,tradereporting

• Multiple regulatorsbutrarelyareregulationscontradicting

Distribution • ETPs mustberegisteredineachcountryforpubicsale

• Retailinvestorsprefertobuyalocallylistedproductinlocallanguage&currency

• Marketing iscountryspecific,locallanguagesvary

• Taxrulesdifferbycountryandinvestortype

• Single market

• Commontaxrules

• Commonlanguage

• Singlemarketingstrategy

Trading&

Settlement

• Marketmakerscanbepaidbytheissuertosupport theirproducts

• Liquidityisspreadacrossmultipleexchanges(27)indifferentcountries

• Each ETFislistedonaverageon3differentexchanges

• Multipletradinglinesinmultiplecurrencies+multiple shareclasses

• Settlement occursinlocalcountrydepots,withdifferentbuy-inrulesandfines.Market

makersneedtomoveinventorybetweenmarkets

• Approx. 70%ofETFtradingisOTCwith30%beingon-exchange

• Marketmakerscannotbepaid

• LiquidityfocusedonthreeExchanges

• Onesettlement systemthroughDTCCandcommonrules

• Onemaintradingcurrency(USD)

• Approx.70%ofETFtradingdoneonexchange

• Alltradingreportedtoconsolidatedtape

Platform • Highbarrierstoentry

• Regulation andcomplianceinfrastructurerequiredacrossmultiplejurisdictions

• Multipledomicileoptions– Dublin,Lux,plusotherEUcountries

• Lower barrierstoentry

• Commonregulationandcompliancerequirements

• Commondomicile

Page 12: Nik Bienkowski Co-Founder HANetffiles.hanetf.com/hanetf-presentation.pdf · printed, so the market will see the whole spectrum of liquidity. • The UK’s FCA published the Asset

Retailvs.InstitutionalGrowthInEurope• ThegrowthoftheEuropeanETFmarket

remainsdrivenbydemandfrominstitutional

investors.

• Funddistributionchannels,particularlyin

ContinentalEurope,remaindominatedby

commercialbanks,whichhavetraditionally

favoured theplacementofhigh-margin

products.

• Manyofthelargefundplatformsserving

financialadvisors—particularlyintheUK—have

beenreluctanttoundertakethenecessary

investmentintechnologythatisrequiredto

facilitatethedistributionoffundsthattradeon

anintradaybasislikeETFs.

• Shortofthependingregulatorychanges,the

statusquoisbeingchallengedbythegrowing

popularityofrobo-advisors.

Source: Analysis by The Vanguard Group, Inc. using data as at June 30, 2012, from The Vanguard Group, Inc., Bain & Co. and Investor Economics. UK / Continental Europe Institutional classification includes Wealth Managers.

Page 13: Nik Bienkowski Co-Founder HANetffiles.hanetf.com/hanetf-presentation.pdf · printed, so the market will see the whole spectrum of liquidity. • The UK’s FCA published the Asset

OpportunitiesForETFIssuersInEurope

Page 14: Nik Bienkowski Co-Founder HANetffiles.hanetf.com/hanetf-presentation.pdf · printed, so the market will see the whole spectrum of liquidity. • The UK’s FCA published the Asset

OpportunitiesForETFIssuersInEurope2ndlargestETFMarket:

• TailwindsbehindglobalETFmarket,risingtide

• Europeisthe2ndlargestETFmarketandgrowingat

~20%p.a.

• Accessuntappeddemand

• Totargetalargershareofgrowingglobalflows,you

needtobeinthelargestmarkets

Page 15: Nik Bienkowski Co-Founder HANetffiles.hanetf.com/hanetf-presentation.pdf · printed, so the market will see the whole spectrum of liquidity. • The UK’s FCA published the Asset

OpportunitiesForETFIssuersInEuropeMarketStructureEvolving:

• Commissionsstillallowedinmanycountries… fornow

• NotallplatformsacceptETFs… butthat’schangingfast.

• Retailinvestorsaccountforapprox.20%ofETFAUM.Setto

growfueledbyRDR,MIFIDIIandthegrowthofrobos

• EuropeanbanksdevelopingtheirD2Cplatformsandmaking

ETFsavailableforthefirsttime

• Small%oflocalAMsofferETFs,butthisischangingfast.Time

isripenowtogetinbeforetoolate.

• Structuredproductsarebecomingmoreregulatedwithhidden

feesbeingattacked

Page 16: Nik Bienkowski Co-Founder HANetffiles.hanetf.com/hanetf-presentation.pdf · printed, so the market will see the whole spectrum of liquidity. • The UK’s FCA published the Asset

OpportunitiesForETFIssuersInEuropeUCITSIsAWorld-RenownedWrapper:

• AddUCITSsolutionto”star”localproducts,makingAsset

Managersofferingglobal– UCITScanbepreferredto40Act

fundsbymanyLatAm,Asianclients

• ManyUSwealthmanagersneedUCITSfor“offshore”client

portfolios

• Accesslocalinvestorswithtaxandlegalfriendlywrapper– US

ETFscanbedisadvantageous

• Offersabilitytoaddextrashareclassestosamefund,whichis

notpossibleintheUS

Page 17: Nik Bienkowski Co-Founder HANetffiles.hanetf.com/hanetf-presentation.pdf · printed, so the market will see the whole spectrum of liquidity. • The UK’s FCA published the Asset

RegulationFavoringETFs• Positiveregulatorychangesalongwithcontinuedfavour forlowcostpassiveinvestment

solutionsisdrivingETFAUMgrowth

• Regulationsarefocusingonincreasedliquidity,fees,commissions,benchmarks,and

transparency

• Intheretailmarket,regulationsuchasMiFIDIIandtheRetailDistributionReview(RDR)is

helpingtobringmoreindividualinvestorsintotheETFmarket.MiFIDIIisbringingliquidity

toexchanges:undertheDirective,whetherthetradeisonscreenordoneviaOTC,itwillbe

printed,sothemarketwillseethewholespectrumofliquidity.

• TheUK’sFCApublishedtheAssetManagementMarketStudyInterimReportinNovember

2016andthekeythemecomingfromthereportisthatactivelymanagedfundsare

underperformingtheirbenchmarksaftercostsarededucted.

Page 18: Nik Bienkowski Co-Founder HANetffiles.hanetf.com/hanetf-presentation.pdf · printed, so the market will see the whole spectrum of liquidity. • The UK’s FCA published the Asset

RegulationFavoringETFs• MIFIDIIisanimportantandwide-rangingpan-

Europeanpieceoflegislationthatwillsupport

ETFgrowth

• Focusonincreasedtransparencyisexpectedtostrengthen

thecaseforETFs

• ETFswillbecapturedbyposttradereportingrequirements

• 50%to80%ofETFtradingvolumeistradedOTC,mostof

whichiscurrentlyunreported

• AEuropeanconsolidatedtapewouldincrease

transparencyaroundETFliquidityandhelpdriveAUM

• Lookstoaddressconcernsaroundcommissionbased

advisorymodels

Page 19: Nik Bienkowski Co-Founder HANetffiles.hanetf.com/hanetf-presentation.pdf · printed, so the market will see the whole spectrum of liquidity. • The UK’s FCA published the Asset

ConsiderationsForLaunchingETFsIn

Europe

Page 20: Nik Bienkowski Co-Founder HANetffiles.hanetf.com/hanetf-presentation.pdf · printed, so the market will see the whole spectrum of liquidity. • The UK’s FCA published the Asset

ConsiderationsWhenComingToEurope(1)HomeJurisdiction Wheretoincorporatethefundcompany.LuxembourgandIrelandaremostcommon.Otheroptionsexist.Ireland hasbeenmorecommonfor

ETFswhileLuxembourghasbeenmorecommonformutualfunds

Languageandfamiliarityofserviceproviderscanbeadecidingfactor

USmanagerstendto endupinIrelandandChinesemanagershavetendedtoLuxembourg

ListingVenue WheretolisttheETF.Multiplelistingsgivelocalinvestorsaccessintheirhomecountry,aswellaslocallanguage,local brokers,localPR,and

familiarity

Shareclasses AUCITScanbelaunchedwithmultipleshareclasseswitheachadditionalshareclasscostinglessthan40%ofanewfund.Thismeansinvestor

demandscanbemaximised underthesameETF,allowingscaletobeachievedfasterandcheaper. Mostcommonarenon-distributingversus

distributing,orcurrency-hedged

Tax Taxrulesindifferentcountriesfordifferentinvestortypescaninfluenceproductstructure

Taxcanoccur attheinvestmentlevel, fundlevel andinvestorlevel

Taxesinclude:WHT,FTT,incomeandCGT

DublinhasafavorableUStaxtreatyrateoverLuxembourg.15%vs.30%

Registration orPrivate

Placement

Registrationallowsaccesstoretailinvestors.Insomecountriesregistrationisevenrequiredtoaccessnon-retailinvestors

Private placementischeaperbutmorerestrictive.Needtokeepdetailednotes

Distribution Multi-country registrationandagentsrequired.Locallistingspreferred.Multi-lingualsalesteamsrequired.

ProductStructure DoesthestrategymeettheUCITSrules.Forexample,3xleverageandsinglecommoditiesarenotUCITScompliant.

ETNs/ETCscanalsobeissuedunderadifferentstructurewhichallowforunderlyings notpossibleunderUCITSsuchassinglecommoditiessuch

asphysicalgold,oil,and3xleverage

Physical&Synthetic Botharepossible althoughtrendisforphysicalreplicationwherepossible,especiallyforplainvanillabenchmarks

MulticounterpartyswapsarethenormforsyntheticETFs,withtransparentanddiversifiedcollateral

AssetClasses AllassetclassesarepossibleunderUCITS,includingcommodityindices

Page 21: Nik Bienkowski Co-Founder HANetffiles.hanetf.com/hanetf-presentation.pdf · printed, so the market will see the whole spectrum of liquidity. • The UK’s FCA published the Asset

ConsiderationsWhenComingToEurope(2)Short&Leverage Amaximumleveragefactorof+2xand-2xiscurrentlyavailableunderUCITS

Timeline Istimetomarketimportant? Thiswilldriveyourentrydecision.Build,partneroroutsource

Scale Scaleisimportanttobenefitfromeconomiesandbuildacredible brandwithinvestors

Beingtoosmall,orhavingfewproductsofinterest,makesitmuchmoredifficulttogaintheattentionofgatekeepers,decision makes,and

productapprovalteams

Serviceproviders ServiceProvidersareoftenthesamebetween USandEUbutcanvary.ServiceofferingsandcostsmayvarybetweenEuropeandUS,thus

impactingchoiceofserviceprovider

APandMMresourcesarefiniteandtheyareselectiveinwhomtheyworkwith.APsdifferbetween EuropeandUSandmustbesignedupwith

localAPagreements

PortfolioManagement Where aforeignmanagerplanstouseitsownexistingportfoliomanager,itisnecessarytocheckifthatforeignPMmeetstheregulatory

requirementsforUCITS

Hiring FinitenumberofexperiencedETFspecialists inthemarket.RecruitmentfromoutsidetheETFmarketwillbeimportantiftheETFmarketisto

grow

Corporatedecisions Organisational structurerequirestaxandlegalinput

BoardstructureneedstobeconsideredasboardmeetingsrequiretraveltoEuropeevery3months.Professionallocaldirectorscanbehired

andcanalsobeoutsourcedtoserviceproviders

Reportingcurrency:mostcostswillbeinEuroandGBP.CurrencyfluctuationswillaffectP&Lbackathome

Page 22: Nik Bienkowski Co-Founder HANetffiles.hanetf.com/hanetf-presentation.pdf · printed, so the market will see the whole spectrum of liquidity. • The UK’s FCA published the Asset

TimelineofAnETFLaunchInEuropeCorporatestructuring 3-6months

Serviceprovider DDandnegotiation 3-6months

Officeandhiring 6-12months

Fund documentationandset-up 3-9months

Authorisation andlicensing 2-6 months

Listing andtrading 3-6months(assuming multiplemarkets)

Passporting /cross borderregistration 3-6months(assuming5-6mainmarkets), butthiswillbeon-going

Signup ofAPs 2-12+ months

Investorduediligence andfundtrackrecord 3-36 months

TOTAL timetolaunchfornewIssuer 12-30 months (dependingonproductcomplexity,urgency,serviceproviders,

recruitment)

Page 23: Nik Bienkowski Co-Founder HANetffiles.hanetf.com/hanetf-presentation.pdf · printed, so the market will see the whole spectrum of liquidity. • The UK’s FCA published the Asset

DistributionQuestionsand

ChallengesInEurope

Page 24: Nik Bienkowski Co-Founder HANetffiles.hanetf.com/hanetf-presentation.pdf · printed, so the market will see the whole spectrum of liquidity. • The UK’s FCA published the Asset

DistributionQuestionsKEYQUESTIONS

• Whichcountriesto

targetandhow

• Registration(Passport)

orprivateplacement

• Exchangelistings

• MarketingandPR

• Sales

• APsandMMs

• Localpeculiarities:tax

reporting,eligible

assets,andmore.

Source:PWC2016

Page 25: Nik Bienkowski Co-Founder HANetffiles.hanetf.com/hanetf-presentation.pdf · printed, so the market will see the whole spectrum of liquidity. • The UK’s FCA published the Asset

DistributionQuestions– WhichCountries?

• EUhastheUCITSdirectiveintendedtomakecrossbordermarketingoffunds

moresimpleandremovinglocalregulatorfromcompletedisapproval

• SwitzerlandisnotpartofEUandhasitsownSwissauthorisation processwhich

isawell-wornpath(asdoothernon-EUcountries,includingAsiaandMiddle

East)

• TheissuerwillneedtodetermineitsoverallstrategyandgoalsforEurope,while

specificproductsmayalsobetargetedtospecificclientele (eg.leverageETFs

havedonewellinItaly)

Page 26: Nik Bienkowski Co-Founder HANetffiles.hanetf.com/hanetf-presentation.pdf · printed, so the market will see the whole spectrum of liquidity. • The UK’s FCA published the Asset

RegistrationorPrivatePlacement?

• Passporting ETFsacrossEUmemberstatesgenerallyallowsretail/public

marketing

• Passporting /registrationisnecessaryifcross-borderlistingalsodesired

• RulescanslightlyvaryacrossEUcountriesincludingwhatdisclosure

documentsarerequired,languageandaccesstoinformation

• NeedtoconsiderwhathappenstoUKpost-Brexit

• Privateplacementispossible,howeverrulesconstantlychange:

• SomecountriesOKtoaccessviaprivateplacement,e.g.Switzerland

• Othercountriesnot,e.g.France

• Rulesvary:qualifiedinvestordefinition;definitionofsolicit,inboundvs.

outboundqueries;numberofinvestorstocontact;etc.

• Itisimportanttokeepdetailedrecordsandhaveaproperprocessinplace

Page 27: Nik Bienkowski Co-Founder HANetffiles.hanetf.com/hanetf-presentation.pdf · printed, so the market will see the whole spectrum of liquidity. • The UK’s FCA published the Asset

Cross-BorderListing?

Source:DillonEustace

Page 28: Nik Bienkowski Co-Founder HANetffiles.hanetf.com/hanetf-presentation.pdf · printed, so the market will see the whole spectrum of liquidity. • The UK’s FCA published the Asset

Marketing,PRandSales

• NotABuild-It-And-They-Will-Come

Market

• SignificantOpportunityButYouMust

KnowTheMarket

• EachMarketIsDifferentAnd

RequiresSpecializedEfforts

Source:Deloitte.com Performancemagazineissue22

Page 29: Nik Bienkowski Co-Founder HANetffiles.hanetf.com/hanetf-presentation.pdf · printed, so the market will see the whole spectrum of liquidity. • The UK’s FCA published the Asset

Conclusion

• TheEuropeanETFmarketisgrowingandthereareopportunitiesfornewentrants

• UCITSstructuresareattractivetoEuropean,AsianandLatAm clients

• BarrierstoentryinEuropearehigherthantheUS

• TheEuropeanmarketismorecomplexandfragmentedthantheUSmarket

• Europeanexpertiseandexperiencedtalentisimportant

• Can’tassumethatwhatyoudidbackathomeisoptimalforaforeignmarket

• Awell-coordinatedplanisrequiredaswellasserviceproviderswhounderstandand

wanttoworkwithyou

Page 30: Nik Bienkowski Co-Founder HANetffiles.hanetf.com/hanetf-presentation.pdf · printed, so the market will see the whole spectrum of liquidity. • The UK’s FCA published the Asset

Appendix– SourcesofInformation

• SourcesofInformation:

• Accounting&consultancyfirms:E&Y,PWC,KPMG,Deloitte

• Lawfirms:DillonEustace,WilliamFry,Matheson,Maples,Goodbody,

• Assetmanagementbodies:EFAMA

• Regulatorybodies:CESR,CBI,FCA,BaFIN,FINMA,etc

• Stockexchanges

• ETFissuers

• ETFGI,ETF.com,DBXETFreport,BlackrockETFreport,variousMarketMakerETF

reports

Page 31: Nik Bienkowski Co-Founder HANetffiles.hanetf.com/hanetf-presentation.pdf · printed, so the market will see the whole spectrum of liquidity. • The UK’s FCA published the Asset

Appendix– ShareClassHedging

InEurope,itispossibletoissuemultipleshareclassesofthesamefund:

• Eachshareclassisconsideredtobethesamefund,andtheassetsareconsideredtobeassetsofthe

fund

• Ifthreeshareclassesexistwith$2m,$1mand$97mofAUM,thefundassetsare$100m,makingall

shareclassesequallydesirableasthefundhas>$100mAUM

• Thecostsoflaunchingadditionalshareclassesareusuallynomorethan40%ofthecostofanewfund,

thuscostsavingsaremadeversuslaunchingacompletenewfund

• ThisfeatureofUCITSfundsisnotasreadilypossibleintheUS

FeaturesofETFshareclassesinclude:

• Distributingversusnon-distributing.TheETFstrategyandtargetinvestorwilldeterminetheoptimal

shareclass(es)

• Localtaxdifferenceswillalsodeterminewhetheraccumulatingordistributingisoptimal

• Currency-hedgingisallowed.Forexample,aUSequityfundcouldbeissuedwithunhedged,EUR-hedged,

GBP-hedgedandCHF-hedgedclassesofthesamefund

• DifferentshareclassescanhaveadifferentTER


Nik Kamariah Nik Mat, Siti Salwani Meor Ahmadrepo.uum.edu.my/530/1/determinants_of_online_shopping...Nik Kamariah Nik Mat, Siti Salwani Meor Ahmad Faculty of Business Management, Universiti

Nik Kamariah Nik Mat, Siti Salwani Meor Ahmadrepo.uum.edu.my/530/1/determinants_of_online_shopping...Nik Kamariah Nik Mat, Siti Salwani Meor Ahmad Faculty of Business Management, Universiti

...NIK 6101-OF NIK 6101-GF NIK 731510-B NIK 731514-CA NIK 731514-SE NIK 731512-FS NIK 731513-SN NIK 731512-S TCVN 6238-1: 2017 TCVN 6238-3:2011 TCVN 6238-4A:2017 “ AN TOAØN, PHUØ

...NIK 6101-OF NIK 6101-GF NIK 731510-B NIK 731514-CA NIK 731514-SE NIK 731512-FS NIK 731513-SN NIK 731512-S TCVN 6238-1: 2017 TCVN 6238-3:2011 TCVN 6238-4A:2017 “ AN TOAØN, PHUØ

NOR ANIS ZULLYANA ZULKIFLI NIK MOHD HAZIQ ASYRAFF NIK ALIM.

NOR ANIS ZULLYANA ZULKIFLI NIK MOHD HAZIQ ASYRAFF NIK ALIM.

Sūrio dešrelės „PIK-NIK“ Cheese sticks “PIK-NIK”...EUR 1 Sūrio dešrelės „PIK-NIK“ „Magija“ Cheese sticks “PIK-NIK” Plėšyk ir dalinkis sūrio lazdelėmis

Sūrio dešrelės „PIK-NIK“ Cheese sticks “PIK-NIK”...EUR 1 Sūrio dešrelės „PIK-NIK“ „Magija“ Cheese sticks “PIK-NIK” Plėšyk ir dalinkis sūrio lazdelėmis

nik nama no nik nama no nik nama 1109026709910001 lusy ...

nik nama no nik nama no nik nama 1109026709910001 lusy ...

NIK ABDURRAHMAN IZZUDDIN B NIK ISMAIL · 2018. 5. 27. · NIK ABDURRAHMAN IZZUDDIN B NIK ISMAIL Bachelor of Computer Science (Network Security) Faculty of Informatics and Computing

NIK ABDURRAHMAN IZZUDDIN B NIK ISMAIL · 2018. 5. 27. · NIK ABDURRAHMAN IZZUDDIN B NIK ISMAIL Bachelor of Computer Science (Network Security) Faculty of Informatics and Computing

Nik Luqmanul Hakim Bin Nik Ariffin 06 24

Nik Luqmanul Hakim Bin Nik Ariffin 06 24

Gambar 1: Temuramah bersama Ustaz Nik Azizan Bin Nik ...studentsrepo.um.edu.my/5210/3/LAMPIRAN.pdf · Gambar 1: Temuramah bersama Ustaz Nik Azizan Bin Nik Jaafar, Penerbit dan Pengacara

Gambar 1: Temuramah bersama Ustaz Nik Azizan Bin Nik ...studentsrepo.um.edu.my/5210/3/LAMPIRAN.pdf · Gambar 1: Temuramah bersama Ustaz Nik Azizan Bin Nik Jaafar, Penerbit dan Pengacara

Kewajaran Pengajaran Komsas Dalam Bahasa Melayu Oleh Nik Hassan Nik Ab

Kewajaran Pengajaran Komsas Dalam Bahasa Melayu Oleh Nik Hassan Nik Ab

NIK ZULKARNAIN BIN NIK SOH @ NIK OTHMAN Laporan projek ...

NIK ZULKARNAIN BIN NIK SOH @ NIK OTHMAN Laporan projek ...

NIK RAMLI BIN NIK ABDUL RASHID - eprints.usm.my

NIK RAMLI BIN NIK ABDUL RASHID - eprints.usm.my

T19 chlorinated solvents-bienkowski

T19 chlorinated solvents-bienkowski

PRESENTER: HALIMATUL NADIA M HASHIM SUPERVISOR: DR NIK AZMAN NIK ADIB.

PRESENTER: HALIMATUL NADIA M HASHIM SUPERVISOR: DR NIK AZMAN NIK ADIB.

NIK RAMLI BIN NIK ABDUL RASHID - Universiti Sains …eprints.usm.my/8138/1/EMPLOYEE_INVOLVEMENT_IN_EMS_ISO...NIK RAMLI BIN NIK ABDUL RASHID UNIVERSITI SAINS MALAYSIA 2007 EMPLOYEE

NIK RAMLI BIN NIK ABDUL RASHID - Universiti Sains …eprints.usm.my/8138/1/EMPLOYEE_INVOLVEMENT_IN_EMS_ISO...NIK RAMLI BIN NIK ABDUL RASHID UNIVERSITI SAINS MALAYSIA 2007 EMPLOYEE

Nik Nur Madihah binti Nik Mohamad Kamal

Nik Nur Madihah binti Nik Mohamad Kamal

Nik Sputnik

Nik Sputnik

ΔΙΠΛΩΜΑΤΙΚΗ nik

ΔΙΠΛΩΜΑΤΙΚΗ nik

NIK MUHAMMAD HAFIDZ BIN NIK ABDUL RAHMAN MUHAMMAD... · Nik Muhammad Hafidz Bin Nik Abdul Rahman ... davidroa@mmhe.com.my : iwanzamil@mimet.unikl.edu.my LEADERSHIP ROLES AWARDS …

NIK MUHAMMAD HAFIDZ BIN NIK ABDUL RAHMAN MUHAMMAD... · Nik Muhammad Hafidz Bin Nik Abdul Rahman ... [email protected] : [email protected] LEADERSHIP ROLES AWARDS …

Fastferry Nik

Fastferry Nik

Using Microsoft Teams - Parkwood Academy...Brett Fletcher has Gregg Henderson and Nik Oxley to the Nik Oxley Nik has Cook (Guest) as guest to the Nik Oxley the Nik Oxley has Cook (Guest)

Using Microsoft Teams - Parkwood Academy...Brett Fletcher has Gregg Henderson and Nik Oxley to the Nik Oxley Nik has Cook (Guest) as guest to the Nik Oxley the Nik Oxley has Cook (Guest)