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Rating:PowerShares Celebrates ETF Launch with Trading Floor Soiree Not Rated 3.0 Email Routing List Email & Route  Print Print
Tuesday, June 26, 2007

PowerShares Celebrates ETF Launch with Trading Floor Soiree

Reported by Erin Kello

Powershares Rings in at NYSE

photo courtesy of NYSE


Yesterday evening, executives from PowerShares Capital Management gathered at the NYSE to celebrate the launch of four new internationally focused exchange-traded funds. Bruce Bond, president of PowerShares, was on hand to kick-off the festivities by ringing the closing bell.

Afterwards, PowerShares execs, financial planners and reporters mingled at a cocktail party on the trading floor. Attendees were exuberant to be allowed on the trading floor (after hours even) for an event, in light of the NYSE's heightened secuirty in recent years. Many partygoers even brought cameras to document the experience.

During the party Bond took time to share PowerShares' vision for the future with waiting reporters.

"We have around 30 more funds ready to launch this year," Bond told the MFWire.

Getting those funds to market is also a hot-button issue these days in the industry with so many new ETFs coming to market.

"It took about 15 months to get these funds approved, but I think we've seen an improvement as far a approval times go," Bond added.

The time to market may be worth it, though. During the interview, a financial planner stopped by to tell Bond he is a devotee of PowerShares products.

The funds launched yesterday track the FTSE RAFI indexes, which use a fundamental indexing strategy. This strategy is based on four company components; earnings, book value, dividends and sales.  

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