Source, a provider of exchange-traded products, has added three partners to its platform, including the global investment bank Nomura.
The addition of Nomura, which acquired Lehman Brothers’ European equities and investment banking operations and entire Asian franchise in October 2008, will significantly increase Source’s footprint, franchise and client reach. Nomura is one of the largest global traders and distributors of ETFs across a broad range of asset classes and has raised more than USD14bn in assets under management for its own products.
Ted Hood, chief executive of Source, says: "We are absolutely delighted to have Nomura on board and believe that their membership will further reinforce the value and importance of our ground breaking multi-bank initiative. There are excellent synergies between Nomura and our existing partners and their position in the Asian markets is obviously of great appeal."
Banca IMI and IMC Group are also joining the platform, adding liquidity and distribution capabilities.
Source’s founding partners are Bank of America Merrill Lynch, Goldman Sachs and Morgan Stanley.