(Adds "certain" in the first paragraph to make clear UBS is not
moving away from overall index business)
NEW YORK, April 9 Bloomberg LP will take over
control of one of the two largest commodity price baskets in the
world as Swiss bank UBS steps away from certain index
businesses, the Financial Times reported on Wednesday.
While UBS has not sold the index itself or its intellectual
property, it has transferred control and oversight of the
22-component index to Bloomberg, the FT reported citing
Bloomberg Indexes' head Srikant Dash. He said Bloomberg had no
plans to change the composition or methodology of the index.
Dash could not immediately be reached by phone.
The Dow Jones-UBS Commodity Index competes with the S&P GSCI
index for the lion's share of the institutional and retail
investor funds that flow into raw material markets, with an
estimated $80 billion benchmarked against it.
The FT said the move precedes a July deadline for key
financial market index providers to tighten oversight following
a series of scandals involving financial market benchmarks.
UBS is "very, very focused on the independence of the
benchmark. Anything we can do to reassure clients of that, we
will do," the FT quoted Edmund Carroll, global head of
commodities at UBS, as saying.
Thomson Reuters competes with Bloomberg LP to sell
financial news and data, including indexes.
(Reporting by Jonathan Leff; Editing by Bernard Orr)