Horizons ETFs to absorb AlphaPro

Atlanta-based asset management firm Invesco Ltd. has acquired Source, a European exchange-traded fund (ETF) provider, from global private equity firm Warburg Pincus and a group of banks. Financial terms were not disclosed.

The transaction includes approximately US$18 billion in assets under management (AUM) by London-based Source, along with approximately US$7 billion in externally managed AUM (as of March 31). I

The acquisition is consistent with its global strategy, Invesco says in a statement, and will expand its ETF offerings, and strengthen its ability to serve clients in the region.

The transaction is expected to close in the third quarter, pending regulatory approvals.

“We’re excited about this opportunity to build on Invesco’s 40 years of factor investing experience and our existing PowerShares ETF business, which will significantly enhance our ability to deliver meaningful solutions to institutional and retail clients in Europe and around the world,” says Martin Flanagan, president and CEO of Invesco, in a statement.

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