PowerShares Capital Management LLC has tapped a former executive from the New York Stock Exchange to fill the newly created position of vice president of new product development.

Lorraine Wang will be working with Ben Fulton, senior vice president, on new product development initiatives.

A 16-year industry veteran, Wang was most recently managing director of the exchange traded funds group at the NYSE. In that role, she spearheaded product management efforts for ETFs, developing and managing proprietary indexes and formulating strategies to grow the exchange's ETF business. She earlier worked as a quantitative research analyst for Morgan Stanley.

PowerShares manages upwards of $5 billion in assets in a family of 37 ETFs. The Wheaton, Illinois-based firm, which is planning to add 35 ETFs to its stable of offerings this year, is in the process of being acquired by Amvescap. 

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