The exchange traded funds business of UBS Asset Management has surpassed BlackRock's dominant iShares division for new money gathered in Europe so far this year, marking a first for the Switzerland-headquartered institution.

UBS, which is Europe's fourth largest ETF provider with $56bn in assets, pulled in $6.2bn in net new money between January and the end of May, with $4bn flowing into its products last month alone, according to data from ETFGI.