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Former Source co-founder to launch new ETF business

Former Source co-founder to launch new ETF business

Former Source co-founder Michael John Lytle is setting up a new exchange traded fund (ETF) business, which will launch next month, Wealth Manager understands.

It is thought his new business will be called Tabular and will focus on fixed income ETFs.

A veteran of 18 years at Morgan Stanley, Lytle left the business in 2009 to become a founding partner of Source, helping to grow the business to become one of the largest ETF managers in Europe.

Before co-founding Source, where he was chief development officer, Lytle held investment banking roles at Morgan Stanley, stretching across equity and fixed income.

He helped launch Source with fellow co-founders Ted Hood and Peter Thomspon, but left in 2015 after it was taken over by private equity firm Warburg Pincus.

He then worked as a managing director at BlackRock in 2016, before leaving in November that year to work on his new venture.

Source was later acquired by US fund giant Invesco in April 2017, with the transaction rumoured to be worth around $500 million (£357 million).

As of March 2017, Source had around $18 billion in client assets and another $7 billion of externally managed assets.

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