State Street Global Advisors, the world’s second largest exchange traded fund provider, has laid down the gauntlet in the European market, undercutting funds rival iShares with the listing of 11 ETFs on the London Stock Exchange.

State Street currently manages $204bn in ETFs, but only $1.5bn in Europe, mainly via funds listed on Deutsche Bourse. iShares, the world's largest ETF provider, manages $620bn globally and $116.3bn in Europe.