Invesco PowerShares has made its first Europe-based portfolio management hire, recruiting Raphael Stern from Deutsche Asset Management, as it looks to further its scale across the continent.
Stern joins as head of portfolio management EMEA and will report to Brian Hartigan, global head of ETF investments. He will be responsible for building a team of portfolio managers to manage a regional range of ETFs.
He joins Invesco PowerShares from Deutsche Asset Management where he worked as a senior ETF portfolio manager for two years and worked on expanding the Xtrackers range to over 30 products.
Prior to this he worked as a portfolio manager and trader at Vanguard for five years and as an analyst at Goldman Sachs and Lehman Brothers.
Invesco PowerShares said this hire fits with its commitment to expand in the UK and Europe, following the acquisition of Source earlier this year. It currently offers around 90 ETFs to European investors.
The acquisition included $18bn in Source-managed assets under management plus $7bn in externally-managed assets.
Hartigan said: "Raphael has extensive experience of the ETF sector and his hire reflects our ambitions in the competitive European market."
Stern said: "I am delighted to be joining Invesco PowerShares as the firm looks to significantly increase its presence in Europe. It is a global leader across the full ETF product range, and is looking to capitalise on this momentum at a time when ETF demand in Europe is escalating."
In an environment where yields are so low, costs can make a huge difference to the outcome’
ETF market to hit $7.6trn by 2020
Responsible for fund selection
Closing in 2020
Focused on asset liquidity and credit quality