I Googled S&P/TSX Index and it appears to me that there are more than 30 indexes listed for the TSX and dozens of other indexes for exchanges other than the TSX. I didn't spend much time but it would seem that finding the list of companies from which AUM has been removed would be a fairly demanding process. If the announcement had not been made I would question whether anyone would have noticed the change. The announcement goes out of its way to say that the removal does not reflect on the investment merits of AUM but it does not answer the obvious question that then arises - "What criteria does S&P use to decide whether or not to include a particular company in its list?"

Unless someone has an informed opinion to the contrary I would tend to think that this change by S&P is quite meaningless as far as AUM and its future are concerned. That feeling is magnified by the recent shenanigans attributed to the rating agencies in general.