Invesco Powershares CEO Bruce Bond stepping back

Bruce Bond is stepping down as chief executive of Invesco PowerShares Capital Management LLC, the exchange-traded-fund provider he founded in 2003. “I will be passing my day-to-day executive and management responsibilities to the Invesco PowerShares leadership team to directly empower them to execute on Invesco PowerShares' long-term initiatives,” Mr. Bond wrote in an email to the firm's business partners Wednesday. “I will continue to play a key role in the leadership of Invesco PowerShares as an adviser to the ETF leadership team and will also remain chairman of the PowerShares fund board.” Ben Fulton, executive vice president of global product development at the firm, will assume oversight of the “overall day-to-day business” as managing director of Invesco PowerShares global ETF business, Mr. Bond said. Calls for further comment were not immediately returned. At the end of October, Invesco PowerShares had 100 ETFs with total assets of $12.97 billion, according to the latest data from State Street Global Advisors. Another $9.16 billion were in 11 exchange-traded-commodities funds Invesco PowerShares markets with DB Commodity Services LLC. PowerShares was sold to Invesco, then called Amvescap PLC, in 2006.