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PowerShares Hires Industry Veterans, Strengthens Portfolio Management Division
| Source: PowerShares Capital Management
CHICAGO, IL--(Marketwire - September 19, 2007) - PowerShares Capital Management LLC, a leading
provider of exchange-traded funds (ETFs), today announced the appointment
of Philip Fang, as Vice President, Fixed-Income Portfolio Manager, and
Jeffrey Kernagis, CFA, as Vice President of Portfolio Management.
Fang, 42, previously served 15 years as Municipal Portfolio Manager at Lord
Abbett & Co., where he specialized in portfolio management and trading of
municipal bond securities. He earned a B.S. degree from Mercy College, New
York, and attended The University of Texas at Austin.
Kernagis, 39, joins PowerShares from Claymore Securities, Inc., where he
served as Vice President of Research and Development. In that role, he
managed ETF portfolios for Claymore's Canadian operations and supervised
the firm's taxable fixed-income unit investment trust offerings. Kernagis
previously worked for Bear Stearns and ABN Amro. A CFA charterholder, he
earned an M.B.A. from DePaul University and a B.A. from the University of
Notre Dame.
"We are pleased to attract individuals with the talent and experience of
Philip and Jeff to lead our growing portfolio of fixed-income ETFs," said
PowerShares Managing Director John Southard. "Their market acumen, and
proven success in ETF and fixed-income fund operations, will be invaluable
as we expand our domestic and international offerings in this category over
the next few months."
PowerShares Capital Management LLC is leading the intelligent ETF
revolution through its family of more than 90 domestic and international
exchange-traded funds, which seek to outperform traditional benchmark
indexes while providing advisors and investors access to an innovative
array of focused investment opportunities. With franchise assets of nearly
$35 billion, PowerShares ETFs trade on all three U.S. stock exchanges and
the PowerShares QQQ™, which tracks 100 of the NASDAQ's fastest-growing
companies, is the most actively traded equity security in the world. For
more information, please visit us at www.powershares.com.
PowerShares is a part of INVESCO PLC, a leading independent global
investment manager dedicated to helping people worldwide build their
financial security. Operating under the AIM, AIM Trimark, Atlantic Trust,
Invesco Perpetual, PowerShares and WL Ross & Co. brands, INVESCO PLC
strives to deliver outstanding products and services through a
comprehensive array of enduring investment solutions for its retail,
institutional and private wealth management clients around the world. The
company, which had approximately $492 billion in assets under management as
of Aug. 31, 2007, is listed on the London, New York and Toronto stock
exchanges with the symbol "IVZ." Additional information is available at
www.invesco.com.
Risks of Owning Exchange-Traded Funds
Exchange-traded funds are made up of publicly traded securities that can
and will move higher and lower with market movements. You should anticipate
that the value of the shares of each fund will advance or decline more or
less in correlation with the advance or decline in value of the applicable
index. The Funds are not actively managed, and shares of the Funds may
trade at or below the Funds' NAV. Exchange-traded funds are subject to
risks similar to those of stocks, including risks associated with
short-selling and margin account maintenance. Ordinary brokerage
commissions apply.
An investor should consider the Fund's investment objectives, risks,
charges and expenses carefully before investing. For this and more complete
information about the Fund, call 800.983.0903. Please read the prospectus
carefully before investing.
PowerShares® and Leading the Intelligent ETF Revolution® are registered
marks of PowerShares Capital Management LLC. A I M Distributors, Inc. is
the distributor of the PowerShares Exchange-Traded Fund Trust and the
PowerShares Global Exchange-Traded Fund Trust. ALPS Distributors, Inc. is
the distributor of PowerShares QQQ. PowerShares QQQ is a unit investment
trust. PowerShares Capital Management LLC and A I M Distributors, Inc. are
not affiliated with ALPS Distributors, Inc.
The Chartered Financial Analyst® (CFA®) designation is a globally
recognized standard for measuring the competence and integrity of
investment professionals.