Adam Laird, Lyxor’s head of ETF strategy for northern Europe, is stepping down after three years with the French asset manager.

Laird (pictured) revealed he has left to start a new business in 2020 that will “change the asset management industry” although no further details have been released.

While at Lyxor, he oversaw the launch of the cheapest ETF in Europe, the Lyxor Core Morningstar US UCITS ETF, which has a total expense ratio (TER) of 0.04%.

He will also be stepping down from his role as chairman of the Investment Association’s ETF committee and other industry positions.

During his tenure as chairman of the IA’s ETF committee, the association made the decision to include ETFs in its sectors, as of next year.

Laird commented: “I have had three fantastic years at Lyxor. I would also mention the relaunch of Lyxor’s UK ETF business, the takeover of Commerzbank’s Comstage ETF unit and expansion in the distribution market. I wish the team all the best with the future.”

He joined Lyxor in 2016 from Hargreaves Lansdown where he spent eight years, most recently as head of passive investments.

The French asset manager’s ETF business has gone through a tricky period this year amid rumours parent company Société Générale is looking to sell the arm. According to data from Morningstar, Lyxor saw ETF outflows of €1bn in Q3, the most across all providers in Europe.