July 17, 2012 / 7:26 PM / 8 years ago

Charles Schwab hires Guggenheim ETF executive

NEW YORK (Reuters) - Charles Schwab Corp. (SCHW.N) has hired a former exchange-traded fund executive from Guggenheim Investments.

The San Francisco-based brokerage has tapped David Botset, senior vice president, portfolio strategist, exchange-traded funds at Guggenheim, as its new director, product strategy and development, a Schwab spokeswoman said on Tuesday. It is a new position, she said.

Botset, who started at Schwab on Monday, reports to Jonathan de St. Paer, vice president of product strategy and development. Botset could not immediately be reached.

New York-based Guggenheim, which is a division of Guggenheim Partners LLC, has not yet decided how it will replace Botset, who has been with the firm since 2007. Before his current title, Botset was senior vice president of U.S. ETFs, overseeing the business for Guggenheim Funds, which was rebranded as part of Guggenheim Investments in September.

Botset is the latest in a string of departures from Guggenheim. In April, Richard Goldman, chief operating officer of Guggenheim Investments; Marc Zeitoun, head of sales; and Keith Fletcher, chief marketing officer all left the firm as part of a reorganization, according to sources.

Guggenheim Investments has $130 billion in assets under management, $11 billion of which are in its exchange traded funds.

Reporting by Jessica Toonkel; Editing by Kenneth Barry

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