Assets held in exchange-traded funds hit a new all-time high at the end of August, according to new figures, prompting one of the industry's most respected figures to revisit an earlier prediction that they will account for $1 trillion (€688bn) of assets by the end of the year.

The global industry managed $891bn at the end of August, up 4% from the previous record set a month before, when assets climbed to $858bn, according to the latest statistics from Barclays Global Investors.