Invesco acquires Source
Invesco announced that it has entered into a definitive agreement to acquire Source, a leading independent provider of exchange traded funds (ETF) based in London.
The transaction includes approximately $18bn of assets managed under Source, plus a further $7bn of externally managed assets under management (as of March 31, 2017).
The acquisition expands the Invesco product range and adds additional employees. This enhances the choice of clients for active, passive and alternative investments and thus the group’s ability to support customers worldwide in achieving their investment objectives.
The acquisition will take place within the group’s global and regional strategic priorities in Europe, the Middle East and Africa (EMEA).
“We are very pleased with this opportunity to build on our 40-year factor investing expertise and our existing ETF business Invesco PowerShares. It will strengthen our ability to offer thought-through solutions to institutional and retail customers in Europe and around the world,” said Marty Flanagan, president and CEO of Invesco.
“Source enhancement will help us meet the needs of customers who want to work with asset managers who offer the full range of customer solutions and help them achieve their investment goals.”
“Source is a leading independent, diversified ETF provider in Europe, which is particularly valued for its product innovations. The new merger with Invesco will help us further expand our presence and access to key European customers. In addition, we will strengthen our expertise in the growing EMEA business,” added Andrew R. Schlossberg, senior managing director and head of EMEA at Invesco.
“Invesco and Source complement each other very well and the combined business model will make us a truly leading ETF provider in the European ETF market,” said Mike Paul, executive chairman of Source. “We are very proud to have made Source one of the most competitive and innovative ETF providers in Europe, with some of the most compelling products in the market. Our commitment to product excellence will also be at the centre of our thinking and action in the new constellation.”