Bruce Bond is stepping down as chief executive of Invesco PowerShares Capital Management LLC, the exchange-traded-fund provider he founded in 2003, and will be replaced by Ben Fulton.
“I will be passing my day-to-day executive and management responsibilities to the Invesco PowerShares leadership team to directly empower them to execute on Invesco PowerShares' long-term initiatives,” Mr. Bond wrote in an e-mail to the firm's business partners on Nov. 18.
“I will continue to play a key role in the leadership of Invesco PowerShares as an adviser to the ETF leadership team and will also remain chairman of the PowerShares fund board.”
Mr. Fulton, executive vice president of global product development at the firm, will assume oversight of the “overall day-to-day business” as managing director of Invesco PowerShares global ETF business, Mr. Bond said.
Calls for further comment were not immediately returned.
At the end of October, Invesco PowerShares had 100 ETFs with total assets of $12.97 billion, according to the latest data from State Street Global Advisors.
PowerShares was sold to Invesco, then called Amvescap PLC, in 2006.
David Hoffman is a reporter at InvestmentNews, a sister publication of Pensions & Investments
