Tapping the Source
Goldman Sachs, Morgan Stanley and Bank of America Merrill Lynch took a look at the exchange-traded product market, particularly in Europe, and decided that to enter as a provider they needed scale. So the three got together and created Source. Richard Jory reports on the launch of the latest entrant to the market
Source, the new exchange-traded fund provider owned by Bank of America Merrill Lynch, Goldman Sachs and Morgan Stanley, sprang into life on April 20 with the launch of 13 exchange-traded funds (ETFs) and 22 exchange traded commodity (ETC) products on Deutsche Borse. Two days later, the company embarked on an investor roadshow spanning 25 European cities that will culminate in Dublin on June 11, explaining to institutional investors why ETFs are a necessary component of their portfolios.
The idea
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