Julian Ide becomes the new chief executive officer of London-based Source UK Services. Mr Ide will start in mid-April.

He said: “Source is positioned at the forefront of the global asset management industry and has a clear aim to be the leading independent ETF provider focused on delivering outstanding products and value to clients.

“Our aspirations are being driven and supported by a unique set of shareholders bringing unrivalled expertise, support and resources to the firm. I’m delighted to be joining Source at this pivotal moment in the industry.”

He has over 25 years' financial services experience, including CEO at Old Mutual Global Investors, a position he held between 2011 and August 2015.

He has also held senior roles at BBVA Asset Management, Credit Suisse Asset Management, ABN AMRO Asset Management and Schroders Investment Management.

Lee Kranefuss, executive chairman at Source, said: “Source believes it has one of the most experienced teams in the ETF industry globally, and someone of Julian’s calibre and skills will complement and extend this to new heights.

“We are truly delighted to welcome Julian to the team at Source. He has an unparalleled reputation and track record in building and running asset management businesses and delivering exceptional products for clients.

“His appointment is a clear reflection of the significant impact ETFs are making across retail, wholesale and institutional markets and of Source’s ambitions to be the leading, most innovative provider of traditional and actively managed ETFs in our chosen markets.”

In February Source announced 17 promotions across Europe in recognition of strong growth following a record year in 2015, in which assets under management grew 26%.

In January, it announced the appointment of six new country heads across Europe as part of a strategy to meet the needs of different investor groups within each of its key markets.

Last September it appointed a five-strong team to service the UK financial advisory market in response to growing demand for ETFs among UK financial advisers.