The exchange-traded fund market in Europe may be in good health after doubling in assets to $325bn since stock markets dive-bombed in 2008, but Joe Linhares, European chief executive at the world’s largest ETF provider, iShares, wants more.

He argues that the rate of growth can, and must, speed up. "I would say Europe is four or five years behind the US. But the day is coming when indexation will stage a breakthrough over here."