Assets managed by global index funds have smashed through the $10tn level, buoyed by rising markets and an investor exodus from pricier, actively managed funds that often struggle to beat their benchmarks.
Cheaper, passive investment funds, which merely try to match an underlying index, were invented in the 1970s but took a long time in gaining traction, as asset managers were largely sceptical that anyone would accept the market’s average return.
However, index-tracking investment vehicles — whether in a more traditional mutual fund, or one traded on an exchange — eventually took off. Since the financial crisis they have exploded in popularity across stocks, bonds and commodities, radically reshaping the asset-management industry.
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