US asset management group Invesco has announced the completion of the acquisition of exchange traded funds (ETF) firm Source.
The purchase, which was announced in April, will bring Invesco a wider range of funds in order to provide its clients an increased offer to reach their financial goals.
Invesco says the acquisition will bolster its ability to meet the needs of institutional and retail clients in Europe, the Middle East and Africa with the addition of ETF specialists in sales, marketing, capital markets, and product management and development.
Martin Flanagan, CEO of Invesco, said: “Since our announcement in April, we have provided solid returns to our clients and strengthened our business while working towards a successful shutdown of the operation.”
Former CEO of Source Mike Paul will join the European ETF business at Invesco, announced Andrew Schlossberg, senior managing director and head of business in EMEA.
Schlossberg added: “The appointment of Mike Paul and Source’s talent complements the capabilities of our leading brand Powershares and creates a very competitive ETF business in the European market. Our focus now is on taking care of our customers, further strengthening the performance and growth of the business from the first day of integration.”
Source had around $18bn of AUM as of 30 June 2017 plus approximately $7bn externally managed.