TMX VettaFi, an indexing, digital distribution, analytics firm and a subsidiary of TMX Group, has acquired the Credit Suisse bond indexes from UBS Group.
The acquisition is designed to strengthen TMX’s fixed-income indexing capabilities, said a news release Feb. 20.
A TMX spokesperson said the purchase price was “financially nonmaterial.”
The Credit Suisse bond index franchise includes bond indexes covering "government, credit and emerging markets bonds," the news release said.
The TMX spokesperson explained that from a subasset class perspective, the suite of indexes includes exposure across corporate and government bonds. From a geographical perspective, coverage includes developed markets (North America, Europe, East Asia) and emerging markets.
With the addition of the Credit Suisse bond indexes, TMX VettaFi now has an indexing platform spanning more than 700 indexes with $53 billion in assets passively tracking those indexes and $41 billion in benchmarked assets.
“We see tremendous opportunity for indexing across the fixed-income asset class, especially with the growth of bond ETFs, and we look forward to partnering with even more asset managers to unlock new bond ETF innovation," said Tom Hendrickson, president of TMX VettaFi, in the release.
TMX VettaFi has made four significant acquisitions in the past 18 months, including most recently the October acquisition of iNDEX Research, an end-to-end index provider with $10 billion in linked assets across equity and fixed income.
“Today fixed income represents approximately 20% of the ETF market, yet the total global bond market is $140 trillion, compared to the $115 trillion global equity market,” said Brian Coco, head of index product at TMX VettaFi, in the release.
TMX Group is a Canadian financial services company that operates equity, fixed income, derivatives and energy markets exchanges.
UBS, which acquired Credit Suisse in June 2023, has about $5.9 trillion in assets under management. UBS could not be immediately reached for further details.
