PowerShares first on ETF fast track

PowerShares Capital Management LLC of Wheaton, Ill., a subsidiary of Invesco Ltd. of Atlanta, said today it was the first ETF provider to receive exemptive relief from the Securities and Exchange Commission for actively managed ETFs in registration. PowerShares' four active ETFs will provide investors with access to active management in an ETF structure. Two of the funds will be sub-advised by Invesco Institutional (N.A.) Inc., and two will be sub-advised by AER Advisors Inc. of Rye Beach, N.H. “PowerShares is proud to be the first ETF provider to be granted SEC exemptive relief to offer actively managed equity and fixed-income ETF portfolios,” said Bruce Bond, president and CEO of PowerShares. “This is an important milestone for the ETF industry and underscores PowerShares' commitment to innovation and ability to leverage Invesco's broad investment management capabilities to provide investors with new and innovative products.” Exemptive relief for activly managed ETFs is also expected to soon be granted three other companies, according to industry lawyers. Those companies include The Bear Stearns Cos. Inc. of New York, WisdomTree Investments Inc. of New York, and Barclays Global Investors of San Francisco.