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Rating:PowerShares Taps Former State Street Exec Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, May 04, 2006

PowerShares Taps Former State Street Exec

by: Armie Margaret Lee

PowerShares Capital Management LLC has hired a former executive from State Street Global Advisors as senior vice president and national sales manager.

Robert Brooks filled a newly created position, according to Bill Conboy, a spokesperson for PowerShares. Brooks' hiring comes less than three weeks after the asset management firm announced the appointment of Lorraine Wang, a former New York Stock Exchange executive, as vice president of new product development, another newly created title.

In a statement, Bruce Bond, president of PowerShares, called Brooks' move to the Wheaton, Illinois-based firm "a tremendous win for us," adding that Brooks' financial sales management experience "has uniquely equipped him with the ability to contribute to PowerShares' aggressive growth goals."

PowerShares manages over $5 billion in assets in a family of 37 exchange traded funds. The firm, which is in the process of being acquired by Amvescap, is planning to add 35 ETFs to its lineup this year.

Brooks, 39, was most recently principal and national sales manager at SSgA. He earlier served as senior vice president and director of sales at Van Kampen Investments.

Arlene Roberts, a spokesperson for SSgA, said the firm has yet to find a replacement for Brooks. "We're going to conduct a search internally and externally for his replacement," she said. 

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