EUROPE – Stoxx, the joint venture index provider, says it is only a matter of time before its Dow Jones Euro Stoxx 50 index overtakes the S&P 500 in terms of assets.

“We’re getting closer every month,” said managing director Lars Hamich, adding there are 430 billion euros in assets tied to the index. “It’s only a matter of time before we overtake the S&P 500.”

The comments came as Stoxx, co-owned by Dow Jones, the SWX Swiss exchange and Deutsche Boerse, announced its annual revamp of its blue-chip indices.

The move saw Credit Agricole enter and Volkswagen leave the Euro Stoxx 50. And Ericsson and Societe Generale have joined the Stoxx 50 while Bayer and Aegon have left. The changes become effective on September 20.

Hamich, who became MD in March, said the firms dropped were “not happy”, but said the decision is based purely on market capitalisation. The addition of two French companies and the deletion of two German companies “reflects the European landscape right now”.

Hamich said Stoxx’s business model, unlike some of its competitors, is not based on benchmarking and data sales – indeed he believes the data sales market is not viable in the long term. Stoxx provides data free on its web site.

He added the firm has no plans to introduce hedge fund indices, saying Dow Jones already provides such products. “It doesn’t really make sense to offer a second hedge fund series.”