MSCI reports strong Q3 profit amid increased demand for financial products

Index provider MSCI on Tuesday reported a rise in its third-quarter profit helped by robust demand for its products and services, reports Reuters.
The Federal Reserve's recent decision to cut the benchmark interest rate for the first time in four years has encouraged investors to increase spending on risk-hedging and research products.
The anticipation of further rate cuts, which has fueled a market rally, has also boosted demand for data and products from companies like MSCI.
"We posted our best-ever Q3 for recurring sales in Index and Analytics, along with nearly 20 per cent growth in asset-based-fee revenue, which was driven by record AUM balances in financial products linked to our indexes," CEO Henry Fernandez said.