Goldman Sachs Asset Management (GSAM) has appointed Peter Thompson as the new managing director and head of its European exchanged traded fund (ETF) business.

Thompson co-founded Source ETF in 2009, which was acquired by Invesco PowerShares last year. Prior to establishing Source, Thompson spent ten years in Goldman Sachs’ derivative and trading divisions in the US, Japan and Europe.

In the new role, Thompson will report to the firm’s head of global ETF business Michael Crinieri and will be based in London.

GSAM head of the international retail client business Nick Philli said: “We see strong demand in this category and are excited to bring an innovative and cost-efficient suite of products to European clients.

“This offering will complement our global, broad and deep expertise across asset classes and builds on the success of our fast-growing US ETF business. Peter brings decades of experience and has been a pioneer in the European ETF market.”

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