Institutional investors are increasingly turning to exchange-traded funds for their investment needs, according to a Greenwich Associates study. And the ETF creators at BlackRock's iShares operation are basking in that attention.

The study, albeit sponsored by iShares, found that a significant number of institutional investors use ETFs for manager transitions, allowing them to keep their assets invested rather than having them dormant, and cash equitization management, allowing them to temporarily park their money in the stock market until they make a long-term investment decision on what asset or assets to hold.

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