Source adds three to bolster European presence

Source, the exchange-traded product (ETP) distributor, has made three new hires to its European sales team as part of its expansion effort. The open architecture provider has ensnared individuals from Lyxor Asset Management, ETF Securities and Unicredit to build up its coverage. Assets under management at Source recently hit US$500 million following its first three months of business, says the firm.

Stefan Garcia will head up European marketing and distribution for Source in London. Garcia moves from ETF Securities, which he joined in 2003, where he was a senior executive with the same responsibilities for the exchange-traded commodity business.

Source has also added Holger Schmid, a Unicredit/HVB fund veteran, to oversee distribution to Germany and Austria from Munich. Schmid spent 10 years with Unicredit/HVB, where he was most recently a director and involved with the creation and