ETFS Capital backs indexing startup

ETFS Capital, chaired by Australian billionaire Graham Tuckwell, made a significant investment in a London indexing startup founded by industry heavyweights last year.

Moorgate Benchmarks kicked off last year and aims to provide benchmark solutions that are more nimble that the traditional ones.

It was set up by Gareth Parks, who was one of the four founding staff of FTSE and Tobias Sproehnle who was previously Thomson Reuters Benchmarks' chief executive.

Its services include index strategy and design, benchmark regulation services for EU and UK, index calculation services and index governance, management and administration.

The startup recently closed its series A funding round, which has seen ETFS Capital come on board as a significant investor.

"We are delighted to have secured a significant investment from ETFS Capital which will accelerate the build out of our full-services, flexible offering," Moorgate said in a statement.

"The indexing industry is in urgent need of transformation since the dominant index providers currently offer investors limited choice and are inflexible."

ETFS Capital will become a minority shareholder in the company, alongside the employees.

"We believe in Moorgate Benchmarks' vision and our investment will help accelerate its delivery. Ultimately, we see this as a partnership for the longer term, as achieving this vision is a marathon, not a sprint," Tuckwell said.

ETFS Capital has previously also backed the London-based cash management fintech Treasury Spring, ETF analytics and data company ETFLogic and specialist ETF and index data/technology vendor ULTUMUS.

In Australia, ETF Securities, led by Kris Walesby, offers 15 ETFs and has $1.7 billion in funds under management.

Read more: ETFS CapitalGraham TuckwellMoorgate BenchmarksETF SecuritiesKris Walesby
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