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(TM), 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.
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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.