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From Archive 06 October 2003

By PWM Editor

BGI to replace Merrill as sponsor of ETF Stoxx funds
Merrill Lynch, which initiated the European exchange-traded fund (ETF) market in 2000, has stepped down as investment manager and sponsor of the Stoxx 50 LDRS and Euro Stoxx 50 LDRS funds. Merrill’s original role will now be filled by Barclays Global Investors (BGI), which becomes Europe’s largest ETF provider, running E4bn, up from E2bn before the switch.

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