PowerShares-ETF Trendsetter
March 20th at 1:27am by Tom Lydon
PowerShares is one of the leaders behind the growth of exchange traded funds (ETFs). Diya Gullapalli and Tom Lauricella for The Wall Street Journal describe PowerShares as one of the most aggressive and controversial companies cashing in on the ETF frenzy. In fact, CEO Bruce Bond has rung the opening bell at the American Stock Exchange more times than any other issuer in recent history. Some critics blame PowerShares for beginning the trend of riskier, gimmicky investment products. And who can blame them for wanting to follow in those footsteps?
Due to the industry’s rapid growth, PowerShares founder has become an overnight multimillionaire. Amvescap and PowerShares are in on a deal that values over $700 million over several years, if certain goals are met. The company has $10 billion under management in more than 70 ETFs.
