Source targets slice of UK ETF market with sales hire

Exchange-traded product (ETP) provider Source has hired Dominic Clabby from Axa Elevate to boost its retail presence in the UK.

As the use by advisers of passive investment products grows, UK-based Source is seeking to gain a larger slice of the ETF market in the UK which is currently dominated by iShares, ETF Securities, Lyxor and Vanguard.

In his new position Mr Clabby will be responsible for coverage of platforms, intermediaries and advisers. He was previously development director at Axa Elevate and has also worked at Fidelity and FundsNetwork.

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Michael John Lytle, chief development officer at Source, said: “The RDR might have been the catalyst, but many advisers are now seeing the clear benefits in investing in ETPs and need greater support from providers.”