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Amvescap Buys ETF Firm PowerShares

AIM Funds parent tries to get a piece of the exchange-traded fund action.

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So, this is what PowerShares does for an encore.

On the heels of a year in which the upstart exchange-traded fund firm launched an unprecedented 32 ETFs, the three-year-old PowerShares on Monday said it sold itself to the parent company of the AIM Funds,  Amvescap (AVZ), for $60 million, not including subsequent incentive payments.

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Dan Culloton does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.