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New investor focus brings Source assets up to USD20bn


ETP provider Source reports that so far in 2015 it has brought in USD3.6 billion of net new assets bringing total AUM for the firm up to USD20 billion.

 The firm reports that it is expanding beyond the traditional institutional market and is now targeting a broader range of investors and advisors. This expansion involves the addition of Bhavick Patel to the UK coverage team and is accompanied by a multi-million pound advertising campaign to raise brand awareness.
Patel is responsible for regional coverage of independent financial advisers in the UK. Before joining Source, Patel spent two years at Capital Group in a business development role and, before this, was at BlackRock for five years with the majority of his time working in the iShares sales team covering asset managers and private banks. 
David Lake, Managing Director, UK coverage at Source, says: “We are delighted to welcome Bhavick to the team.  We now have ten individuals focused on the UK, with four of them dedicated to independent financial advisers.  In a recent survey, commissioned by Source, 44 per cent of IFAs polled said they have been recommending more passive investments such as ETPs to their clients since the Retail Distribution Review.  However, only 1 per cent of those surveyed said they were ‘very familiar’ with ETPs, with a further 22 per cent saying they were ‘slightly familiar’. Given that ETPs are relatively new to many IFAs, we are focusing on education and are particularly keen to work with IFAs to help them meet the needs of their clients.”

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