JPMorgan's exchange traded funds raked in $2.5bn in July, a record haul for the bank that signals a turnaround for the lagging four-year-old business.

The New York bank’s asset management division launched its first ETF in June 2014, but it took more than two years for its funds to crack $1bn in assets. It was a slow start, especially compared with Goldman Sachs, which debuted its first ETF a year afterJPMorgan but raised $3bn in just 18 months.