(Bloomberg) -- The seemingly inexorable march of passive investing looks to have hit a roadblock.

The number of indexes around the world fell more than 20% to 2.96 million in 2019 as benchmark providers scrapped some of their gauges, according to a new report from the Index Industry Association. For the first time since the organization started conducting its now annual survey two years ago, the decommissioning of redundant measures outweighed the creation of new benchmarks.

“Every firm continuously evaluates their indexes to see if they are redundant, which helps keep costs down for their clients,” Rick Redding, the IIA’s chief executive officer, said in a press statement. “Ultimately, our members are focused on providing the quality of indexes investors demand that they administer and not necessarily the quantity.”

However, it wasn’t all bad news for benchmark providers. The number of fixed-income indexes grew 7.2% from a year earlier, largely thanks to expansion in Europe, the Middle East and Africa. The region now has almost as many debt gauges as the Americas.

Indexes that reflect environmental, social and governance metrics -- or ESG -- also proliferated, with the number of measures expanding almost 14% from a year earlier.

To contact the reporter on this story: Justina Lee in London at jlee1489@bloomberg.net

To contact the editors responsible for this story: Jeremy Herron at jherron8@bloomberg.net, Rachel Evans, Rita Nazareth

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