Investment advisers have eclipsed retail traders to become the largest owners of US exchange traded funds, highlighting how professional investors are increasingly using the vehicles to build portfolios.
Nearly two-fifths of US-listed ETFs by value are now owned by investment advisers, according to research compiled by Citigroup. Five years ago, this figure stood at a little over 35 per cent, the bank’s data show, drawing on quarterly filings made by institutions to detail their US equity holdings.
Wealth managers own 12.7 per cent, with other institutions, such as insurers and pension funds, holding a further 8.8 per cent.
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