Exchange traded products – everyone wants a piece of this pie.
Exchange traded funds started as an investment management product. They were run by investment managers, who had to build scale in order to make any money out of them.
Then the European regulations allowed funds to use swaps and investment bankers realised there was an opportunity to use their skills. Lyxor, an offshoot of Societe Generale, but not its asset manager, and db x-trackers set out to promote their synthetically replicated ETFs, but still claimed they were offering investment management.