The Investment Company Institute
is making ETFs a priority. The mutual fund trade organization has made its ETF committee a permanent fixture.
"The committee itself has been around for quite a while," ICI spokesman Edward Giltenan told The MFWire. "As of December it became a standing committee."
| Bruce Bond |
PowerShares Capital Management
Founder, President and CEO
Chairing the committee is Bruce Bond, CEO of Wheaton, Illinois-based PowerShares.
"This is a reflection of the growth of the industry," Giltenan said. According to data from State Street Global Advisors, the ETF industry grew by 45 percent in 2007, increasing its assets from $420 billion to $608 billion as of December 31, 2007.
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