Invesco has completed its acquisition of Source, an independent provider of exchange-traded funds (ETFs) with approximately USD18 billion of Source-managed assets, plus approximately USD8 billion of externally managed assets under management (as of 30 June, 2017).
Invesco says the acquisition strengthens its ability to meet the needs of institutional and retail clients in EMEA with the addition of dedicated, on-the-ground ETF specialists spanning sales, marketing, capital markets, and product management and development.
“Since our announcement earlier this year, we’ve delivered strong investment performance to our clients and strengthened our business momentum while working toward a successful close of the transaction,” says Martin L Flanagan, president and CEO of Invesco. “The addition of Source’s specialist expertise and product innovation to Invesco’s strong and diversified range of investment capabilities will further enhance our ability to meet the investment needs and outcomes our clients seek.”
Andrew Schlossberg, senior managing director and head of EMEA for Invesco, says: “We’re pleased that Mike Paul, who previously served as executive chairman for Source, will assume a new role in Invesco leading our ETF activities in EMEA. The addition of Mike and the tremendous talent of Source complements our market-leading PowerShares capability and creates a highly competitive ETF business in the European market. Our focus now is on taking care of clients, further strengthening performance and growing the business from day one of the combination.”