Exchange-traded funds, the cheapest way of investing money in the stock market, raised $270bn (€193bn) last year, apparently without even trying. Now some of the world’s leading ETF providers are changing their focus from development to distribution in a move that has started a shake-out.

The sense of urgency to make this shift was increased last week by reports that Vanguard, the third-largest ETF provider, was bidding $5bn for iShares, the world's largest provider, which is being sold by Barclays. Vanguard and Barclays declined to comment. With Vanguard's US distribution network pushing iShares' ETFs, other providers will have to react.