The company is still best known for its flagship news and information terminals.
A surge in demand for fixed income exchange traded funds looks set to turn Bloomberg into one of the top three index providers in terms of ETF assets tracking its benchmarks.
The company, which is still best known for its flagship news and information terminals, enjoyed the strongest asset growth of all index providers last year, with ETFs benchmarked to its indices attracting net inflows of $126bn, according to data from ETFGI, a consultancy.
Bloomberg’s rise in importance comes as rapid growth in passive investing is increasing the importance of index providers, with an 8 per cent jump taking global index industry revenues to a record $3.7bn last year, according to analysts at Burton-Taylor International Consulting, an arm of TP ICAP. S&P, MSCI and FTSE Russell took $2.6bn of this.
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