Rival managers Axa Investment Managers and BNP Paribas Asset Management are joining forces to develop a range of exchange-traded funds in an attempt to challenge the dominance of three rivals.

Axa has already created a range of 15 such funds, amounting to €450m ($586.2m) in assets, while BNP Paribas has developed similar products over the past four years to offer clients a range of market exposure.