The US has led the global exchange-traded funds market since the early 1990s, but market practitioners are bullish about the prospects for Europe. Assets under management in ETFs grew 23% last year to reach $369bn, and in January continued growing to a $389bn all-time high.

ETF provider iShares had the highest net inflows in 2012 in Europe with $18.6bn. However, Stephen Cohen, head of investment strategy and insights Emea, thinks there are even better times ahead. He said: "We feel we are on the verge of a real pickup of ETFs in Europe."