Bruce Bond is stepping down as CEO at Invesco PowerShares and will continue as chairman. Ben Fulton, executive vice president in charge of product development, will take the reins at the Wheaton, Illinois-based firm.

Bruce Bond

"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," Bond wrote in a letter to business partners on Wednesday, a copy of which was obtained by The MFWire. The complete letter is posted below.

Ben Fulton

Bond founded Wheaton, Illinois-based PowerShares in 2003 and sold it to Invesco in 2005.

Meanwhile, Andrew Schlossberg, Invesco's chief marketing officer, and David Warren, chief operating officer of Invesco's North American retail operations, have taken on expanded duties.

"They have taken on additional responsibilities working with Ben Fulton and the PowerShares team to fully leverage Invesco's operating platform and resources for the benefit of PowerShares' ETF clients," according to an Invesco spokesperson.

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Wednesday, Nov. 18, 2009

To Our Valued Business Partners,

Having a great team and focusing our resources on the best opportunities at the right time have always been important factors in Invesco PowerShares' success. As we look toward the future and the tremendous growth potential that lies ahead, we remain focused on positioning our business and evolving our team to match these significant opportunities.

To that end, as founder, Chairman and CEO of Invesco PowerShares, I will be transitioning into the role of Chairman. In this new role, 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. I will continue to play a key role in the leadership of Invesco PowerShares as an advisor to the ETF leadership team and will also remain Chairman of the PowerShares fund board.

As part of our plans for the future, Ben Fulton will assume new responsibilities as Managing Director of our global ETF business. Ben will direct the overall day-to-day business of Invesco PowerShares and the teams in Wheaton and will work broadly across the Invesco platform to continue our ETF leadership globally. Additionally, Ben will join the Invesco Global Product Committee. Those individuals reporting to me as part of the Invesco PowerShares leadership team will now report to Ben.
With more than 23 years experience in the financial services industry and five years at Invesco PowerShares, Ben is well known in the ETF industry and will play an increasingly visible role with our valued clients, shareholders and business partners. Prior to joining Invesco PowerShares, Ben was President, CEO and founding partner of Claymore Securities, Managing Director of Structured Investments at Nuveen Investments and Senior Vice President of Product Development at First Trust Portfolios (formerly known as Nike Securities LP).

ETF growth continues to be a top priority for Invesco, and we remain as committed as ever to growing the Invesco PowerShares business and providing innovative products to our clients. I'm confident that Ben and the team, with Invesco's continued support, will provide for a smooth transition that enhances business momentum over the long term while minimizing any impact on our clients and shareholders.

As always, please do not hesitate to contact me or Ben with any questions.  

Edited by: Armie Margaret Lee


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