US mutual funds eye exchange-traded funds space

US mutual funds move into ETFs

new-york-stock-exchange-2009

Mutual fund providers in the US are lining up to join the exchange-traded fund (ETF) industry and profit from this booming business, according to the New York Stock Exchange.

There have been at least nine to formally file for exemption from the Investment Company Act of 1940, which will allow them to list ETFs. There is a further handful of providers which are making enquiries to the exchange about the listing process, says Laura Morrison, vice-president, global index and exchange-traded products

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