ETP provider Source captures 24% of European net new assets in September

Exchange traded products provider Source captured 24% of European net new assets in September, the highest share of any European ETP manager, the firm said today.

Investors allocated over $5bn of new assets into ETPs in September, a 5% month on month growth. This inflow increases total net new assets in European ETPs in 2012 to $21bn year to date.

Source’s commodities business now has total assets outstanding in excess of $4bn across a suite of commodity products.

The flagship product, Source Physical Gold (SGLD), raised new assets in excess of $1.14bn year to date, and traded over $4.5bn. SGLD is listed on the LSE, XETRA and SIX and is one the most liquid exchange traded gold product in Europe.

The PIMCO short maturity ETF (MINT) attracted $480m year to date as the search for yield continues to drive flows into fixed income ETFs.

The Man GLG Europe Plus index delivered 334bp in excess returns over the MSCI Europe Net TR and the fund raised over $800m in assets.

The LGIM Commodity Composite ETF raised in excess of $172m year to date as investors favour the balanced, broad-based commodity exposure offered by Legal & General’s composite index.

“Source continues to see healthy demand for gold from a broad spectrum of clients as loose monetary policy shows no sign of abating, with private banks in particular showing renewed interest. Source is proving to be investors’ first choice when looking for a vehicle that is physically backed, has tight spreads, is liquid and is efficiently priced,” said Stefan Garcia, head of commodities at Source said.

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