FTSE and Private Banking Index have signed an agreement to create a new FTSE Private Banking Index Series, which is designed for investors. ...

FTSE and Private Banking Index have signed an agreement to create a new FTSE Private Banking Index Series, which is designed for investors. In a statement, the FTSE Group said: “Drawing on FTSE's widely recognised indexing expertise and PriBIL's extensive knowledge of the private banking sector, the FTSE Private Banking Index Series will provide a unique set of tools for high net worth investors and their banks to benchmark their multi-asset class investment.” The joint venture will also create potential opportunities for the development of innovative investment products, such as index-linked funds, exchange traded funds and derivative products, according to the FTSE Group. The series' constituents and asset allocation will be determined by a dedicated group of private bank index members and will be calculated in a range of currencies to meet investor demand. The move follows the launch of ABN Amro’s private banking index earlier this year, and growing investor demand to track the performance of their investments against benchmarks.