The big news yesterday in ETF land was the buy-out of PowerShares by London-based mutual fund giant Amvescap. US investors will know the buyer better through its ownership of Invesco and AIM mutual funds. Amvescap has over $300B under management, dwarfing PowerShares $3.5B.
I’m not at all surprised by this particular transaction. When I interviewed PowerShares' President, H. Bruce Bond in early December I walked away with the distinct impression that the company was for sale. I interviewed him because we were in Chicago and had some issues we wanted clarified.
First, we’ve been interested in seeing issuance of some much needed sector ETFs. (A contemporary Internet ETF, Russia and India ETFs for example would fill “needs