UBS is shifting the management of its commodity indices to data giant Bloomberg, the latest example that large investment banks are reassessing their involvement in an area that has suffered a string of reputational blows.

Bloomberg has formed a strategic partnership with the Swiss bank that will see its index unit become responsible for the calculation, distribution, licensing and governance of the commodity indices, which UBS will continue to own. The Dow Jones-UBS Commodity Index is one of the best-known indices in the sector.