Pioneering exchange-traded funds analyst Debbie Fuhr, who left Morgan Stanley around the same time the U.S.-based investment banker decided to close its ETF research team in Europe earlier this year, has published a new report.

The study, done along with analyst Shane Kelly, was first reported Thursday by Dow Jones Financial News. No explanation was provided in the online report as to either analysts' new affiliation.

According to reporter Phil Craig's article, the analysts found that at the end of July, Barclays Global Investors held 38% of the European ETF market. That was estimated to be down 6.9% from the beginning of the year to $60.1 billion. BGI, of course, is the ETF arm of its parent Barclays Plc, the London-based banking giant.

At the same time, Deutsche Bank's start-up db x-trackers ETF unit has quickly gathered $24.5 billion, or 15.3% of the overall market, according to Fuhr and Kelly. That translated into about a 7% gain from earlier this year.

Lyxor Asset Management was listed with $40.2 billion, or 25.2% of the total market. That was reportedly flat from the start of 2008.

The three now control almost 80% of the European ETF market. The study put that market's total assets at $159.8 billion entering August, up 24% from the start of 2008.

Fuhr's acclaimed ETF research unit was closed shortly after her May departure from the firm. It wasn't specified whether the breakup was voluntary between the longtime analyst and Morgan Stanley. But the shuttering of the operation was described in European news reports as a cost-saving decision following Fuhr's separation.

In her first interview since leaving the firm, with Paul Amery, IndexUniverse's European correspondent, Fuhr refused to comment on her future plans. But she did have plenty of commentary about ETFs, providing an early indication that her work to chronicle the growth of Europe's ETF industry would continue. (See story here.)

On May 28, Amery first reported that Fuhr had indeed departed after more than 10 years at Morgan Stanley. She left as head of its investment strategies group in London that worked with institutional investors on indexing and derivatives strategies.