PowerShares CEO moves to reduced role

Invesco PowerShares CEO Bruce Bond is transitioning into the role of chairman, passing over daily executive and management responsibilities to the rest of the team.

Bond, who is CEO, chairman, and founder of Invesco PowerShares, will occupy a scaled back position as chairman, in which he will serve as an adviser to the ETF leadership team. He will also remain as chairman of the PowerShares fund board.

Ben Fulton will step up to assume the role of managing director of the global business. He will direct the overall daily business of Invesco PowerShares and the teams based in Illinois, while working across the global platform.

In his new role, Fulton will be responsible for those who previously reported to Bond. He will also join the Invesco global product committee.

Prior to joining PowerShares five years ago, Fulton was CEO, president and founding partner of Claymore Securities. He was previously managing director of structured investments at Nuveen Investments, and senior vice president of product development at First Trust Portfolios.