The ETF provider has approximately $18 billion in assets under management plus approximately $7 billion in externally managed AUM.

Investment manager Invesco has agreed to purchase UK-based exchange traded fund provider Source, subject to regulatory approval. The terms of the transaction are undisclosed.

Source, which has approximately $18 billion in assets under management plus approximately $7 billion in externally managed AuM, will combine with Invesco Powershares ETFs, the investment manager said yesterday in a statement.

Invesco PowerShares ETFs believe the acquisition will allow the firm to expand its ETF offering around the world, enhance the ability to meet client needs and strengthen its position in the European market.

“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,” said Martin Flanagan, president and chief executive of Invesco. “The addition of Source will help us meet increasing demands from clients who want to work with investment organisations that can deliver across the full range of investment capabilities and provide the outcomes they seek.”

This publication said in March that Invesco PowerShares appointed Nima Pouyan as head of its Swiss unit and Ashkan Daghestani as business development director in the UK.