One of the executives who played a key role in the 2006 sale of PowerShares Capital Management to Invesco has moved on. Kevin Gustafson, general counsel and chief compliance officer, is no longer with Invesco PowerShares, according to a source familiar with the situation.

It was not immediately clear how Gustafson's duties are being handled.

The MFWire could not immediately reach Gustafson for comment. Invesco Aim spokesperson David Bachert declined to comment.

During his stint at PowerShares, Gustafson was instrumental in the listing of more than 100 ETFs on four US exchanges. In addition, he was a key figure in the sale of PowerShares' sale to Invesco in 2006.

Gustafson's departure comes on the heels of another big change in Invesco PowerShares' top ranks. Last November PowerShares founder and CEO Bruce Bond handed the reins to Ben Fulton. Bond continues to serve as chairman. 

Edited by: Armie Margaret Lee


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