New Source ETF tracks investment ideas from top European brokers

New Source ETF tracks investment ideas from top European brokers

Source's Hood says the ETF acts like a benchmark with added alpha

Exchange-traded fund (ETF) provider Source has created a fund which tracks an index of the top ideas from 60 leading European brokers.

The Man GLG Europe Plus Index was created by Man Systematic Strategies (MSS), a group which combines hedge fund managers GLG, AHL and Man Multi-Manager.

The underlying strategy is one that has been run by GLG for the past three to four years, says Ted Hood, chief executive of Source in London.

"As a large hedge fund, GLG is bombarded with brokers making recommend