American asset manager Invesco has concluded the acquisition of Source, a UK-based provider of exchange-traded funds (ETFs), for an undisclosed sum.
The deal, announced in April 2017, includes around $18bn of Source assets and nearly $7bn in externally managed assets.
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Invesco said that the takeover enhances its ability to serve institutional and retail clients in EMEA with the addition of ETF specialists in sales, marketing, capital markets, as well as product management and development.
Source will complement Invesco’s existing ETF unit named PowerShares and Source’s former executive chairman Mike Paul will now spearhead Invesco’s ETF business in EMEA.
Invesco senior managing director and head of EMEA Andrew Schlossberg 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.”
