ETF Securities, a challenger to iShares' crown in Europe, was the fastest-growing fund manager in Europe during 2016, according to Morningstar - alongside a German boutique and investment consultancy Mercer.

ETF Securities pulled in a net €4.2 billion during the 12 months ended December 31, 2016. That is much less than other fund management houses, for example iShares' €26.3 billion, but compared to its small size, its growth is the most impressive in Morningstar's database.