Invesco Ltd. (NYSE: IVZ) announced today that it has completed its acquisition of Source, a leading independent specialist provider of exchange-traded products (ETPs) with approximately $18 billion of Source-managed assets, plus approximately $8 billion of externally managed assets under management.
The acquisition brings additional talent and a broad array of ETFs that further expand the depth and breadth of Invesco’s active, passive and alternative capabilities and expertise, enhancing the firm’s ability to help clients achieve their investment objectives.
The acquisition strengthens Invesco’s ability to meet the needs of institutional and retail clients in EMEA with the addition of dedicated, on-the-ground ETF specialists spanning sales, marketing, capital markets, and product management and development. The combination further expands Invesco’s presence in EMEA while providing additional scale and relevance in the growing ETF market globally.
“Since our announcement earlier this year, we’ve delivered strong investment performance to our clients and strengthened our business momentum while working toward a successful close of the transaction,” said Martin L. Flanagan, president and CEO of Invesco. “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.”
“We’re pleased that Mike Paul, who previously served as executive chairman for Source, will assume a new role in Invesco leading our ETF activities in EMEA,” said Andrew Schlossberg, senior managing director and head of EMEA for Invesco. “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.”