Exchange traded product provider Source has made five senior appointments as it looks to benefit from further strong opportunities it believes will develop in European ETF market in 2011.
Over the course of 2010, Source established itself as one of the main players in the European ETF market, almost doubling its assets by year end, and saw over USD120bn traded in its products throughout the year.
Throughout the year, Source continued to broaden its product range, with a total of 24 new product launches in both its equities and alternative asset classes. In December Source further expanded its asset class footprint with the announcement of the PIMCO Source partnership, from which the PIMCO Source fixed income product range will be launched in early 2011.
In addition, Source increased the number of its employees by over 80% in 2010, reinforcing its position among the top Exchange Traded Product provider in Europe. The five new directors recently appointed to its distribution team will cover he UK, France, Nordics, fixed income and commodities
James Finch, Executive Director, will focus on fixed income distribution, leveraging Source’s newly announced partnership with PIMCO, while Georgina Courtenay-Evans, Director, will cover UK and Irish institutional clients.
Patrick Witteveen, Director, joins Source to specialise in sales of commodity ETPs, with Pierre Olivier Cohen, Director, assuming responsibility for institutional clients, private banks, and retail distributors in France, Luxembourg, Belgium and Monaco. Kenneth Barner-Rasmussen, Director, meanwhile, will focus on Nordic clients.
“Over the course of the past year, we have established ourselves as a different type of ETF provider,” says Ted Hood, CERO of Source. “Rather than following the beaten path established by our competitors, Source has broken new ground with its focus on enhancing the trading environment, improved risk management practices and product innovation. This is most recently displayed in its December announcement of a joint venture with PIMCO to provide fixed income ETFs with differentiated investment content. We are excited by the opportunities in the European ETF market in 2011. Source is rapidly expanding its work force to meet the challenge.”
