The assets invested in exchange traded funds have surpassed those held by hedge funds for the first time, highlighting how the explosive growth of ETFs has upended the global fund management industry since the financial crisis.
ETFs, including the smaller universe of exchange trade products, or ETPs, accounted for $2.971tn globally at the end of the second quarter, according to industry research group ETFGI, up $45bn since the end of March.
Hedge funds also grew, but by just $30bn to $2.969tn, according to Hedge Fund Research.
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