Invesco completes acquisition of ETF provider Source

Aug 21st, 2017 | By | Category: ETF and Index News

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Invesco has announced it has completed its acquisition of European ETF provider Source. The transaction sees Invesco add Source’s $26 billion in assets under management to Invesco’s own existing global ETF AUM of approximately $120 billion.

Martin L. Flanagan, president and CEO of Invesco

Martin L. Flanagan, president and CEO of Invesco.

According to Invesco, the acquisition strengthens its ability to meet the needs of institutional and retail clients in Europe, the Middle East and Africa (EMEA) with the addition of on-the-ground ETF specialists spanning sales, marketing, capital markets, and product management and development.

Martin L. Flanagan, president and CEO of Invesco, commented: “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.”

Under the agreement Mike Paul, who previously served as executive chairman for Source, will assume a new role in Invesco leading its ETF activities in EMEA.

Andrew Schlossberg, senior managing director and head of EMEA for Invesco, said: “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.”

Source’s line-up of funds includes approximately $18bn in internally managed ETFs as well as $7 billion in externally managed funds mainly with fixed income specialists PIMCO.

By incorporating the Source funds into its own line-up, the acquisition has transformed Invesco’s presence in the European ETF market, as well as significantly diversified its ETF AUM base – roughly 40% of its ETF AUM resided in its blockbuster Nasdaq 100 ETF, the PowerShares QQQ.

The two firms’ combined Europe-listed range include 80 equity ETFs, 16 fixed income ETFs, three commodity ETFs and four ETCs.

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