Index provider FTSE Group (FTSE) and Private Banking Index Limited (PriBIL) are to create a new FTSE Private Banking Index Series. The new series is expected to launch early in 2006.
Drawing on FTSE’s widely indexing expertise and PriBIL’s knowledge of the private banking sector, the FTSE Private Banking Index Series aims to provide tools for high net worth investors and their banks to benchmark their multi-asset class investment. The two firms hope it will also create opportunities for the development of index-linked funds, exchange traded funds (ETFs) and derivative products.
The series’ constituents and asset allocation will be determined by a group of private bank index members and will be calculated in a range of currencies.