The company behind the ‘Q’s’ names a successor to Ben Fulton.
Invesco PowerShares, the money manager behind the ETF market’s biggest bank loan fund, named Dan Draper its global head of ETFs, succeeding in some sense Ben Fulton who stepped down from a similar role at the Downers Grove, Ill.-based firm earlier this year.
Draper, who began his duties as managing director of Invesco PowerShares’ global ETFs on Sept. 16, joins the No. 4 U.S. ETF firm by assets from Credit Suisse, where he headed up that firm’s European ETF operation before it was purchased by BlackRock’s iShares unit earlier this year, Draper said in an interview with IndexUniverse.
Draper begins his tenure at the Downers Grove, Ill. ETF firm at a time when the 20-year-old ETF industry is poised for continued growth in a variety of asset classes, particularly fixed income. Total assets under management in U.S.-listed ETFs now total $1.5 trillion, of which PowerShares commands $86 billion, or upward of 6 percent, according to data compiled by IndexUniverse.
The firm, known in many ways for its smart-beta strategies that capture broad but specific segments of the investment markets, will continue to cultivate that reputation both in the United States and globally, the latter being where the most promising growth is likely to be in the coming years, Draper said.
In the past few years, PowerShares’ reputation has been cemented through the success of off-the-beaten-track strategies such as the PowerShares Senior Loan Portfolio (BKLN | C-N/A) and the S&P 500 Low Volatility Portfolio (SPLV | A-44). BKLN now has $5.5 billion in assets, while SPLV has $4.3 billion, according to data compiled by IndexUniverse.
The company’s biggest ETF is its Nasdaq 100 fund, the $37 billion PowerShares QQQ Trust (QQQ | A-57).
Ben Fulton, who held a similar title as Draper’s as global head of ETFs at Invesco PowerShares, stepped down in April. Fulton spent eight years in the role, during which time PowerShares went from upstart to the fourth-biggest ETF issuer in the world.