is back, and with a $19-billion AUM ETF shop to boot.
Yesterday Kranefuss and Peter Thompson unveiled
the entry of global ETF shop Source
into the U.S. market, complete with the launch of the Source EURO STOXX 50 ETF
, Source's first ETF for the U.S. market.
Kranefuss built iShares (now part of BlackRock) into an ETF behemoth before leaving
BlackRock in spring 2010. He joined
private equity giant Warburg Pincus
about two years ago, and in January of this year Source unveiled
a deal whereby Warburg would buy a majority stake in the ETF shop, while existing Source shareholders like Bank of America Merrill Lynch, Goldman Sachs, J.P. Morgan, Morgan Stanley and Nomura would stay invested, too.
When Warburg invested in Source, Kranefuss joined Source as executive chairman. Source co-founders Ted Hood
and Thompson serve as CEO and president, respectively. Richard Goldman
, who previously led Rydex | Security Global Investors (now part of Guggenheim Investments) and chief operating officer of Guggenheim Investments, serves as a senior advisor to Source.
"As a global independent ETF firm, we are unconstrained internally and free to partner with world's leading money managers and other providers of investment content, while still enjoying the support of the largest financial institutions and trading firms," Kranefuss states.
"Entering the U.S. is the next step in the growth of our global business," Thompson states.
Stay ahead of the news ... Sign up for our email alerts now