The exchange traded fund market is an area in which Barclays Global Investors can lay solid claim to being more successful than State Street Global Advisers. BGI has built up its ETF business (iShares) in five years to a level of $178 billion, compared with SSgA’s $80 billion.
In theory, this shouldn’t have been the case. SSgA developed and launched the ETF market with the American Stock Exchange in 1993 with the Standard and Poor’s Depositary Receipt (the Spider), the first and still the largest ETF, with assets of $47 billion.
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