PowerShares Names Draper Head Of ETFs

By
Olly Ludwig
September 17, 2013
Share:

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.

 

ETF DAILY DATA

The consumer discretionary fund 'XLY' garnered a $1 billion-plus blast of creation on Tuesday, March 3. Still, a falling market offset net inflows and pulled total U.S.-listed ETF assets down to $2.092 trillion.

'VCR,' the consumer discretionary fund, paced Vanguard's issuer-leading inflows on Tuesday, March 3, as total U.S.-listed ETF assets ended the day at $2.092 trillion.

ETF.COM ANALYST BLOGS

By Olivier Ludwig

The world of ETFs is full of wonderful money-saving surprises.

By Howard Lee

An inside look at iShares’ new $75 million ‘smart beta’ bond ETF.

By Dave Nadig

With trillions of dollars of bonds yielding worse than nothing, should you be worried about your ETF?

By Elisabeth Kashner

Virtu’s mind-bending way to play oil market volatility is a fascinating glimpse into the world of ultra-sophisticated investors.