One of the world's largest index providers is doubling the resources it devotes to fixed income indices as banks rethink their role in the sector following benchmark-related scandals.

FTSE Russell, the index giant formed by the London Stock Exchange Group's purchase of US asset manager Frank Russell Company earlier this year, wants to expand the range of bond index products it offers, according to Reza Ghassemieh, chief research officer for FTSE Russell based in London, who is leading the efforts.