SPA ETF, the UK-based exchange traded fund company, has appointed Piero Burragato as sales director in its Milan office. Mr Burragato was previously a director in the global markets division of Japanese bank Nomura International, where he was responsible for the distribution business in the institutional investor sector. He has also been head of sales at Dresdner Kleinwort Wasserstein. SPA’s MarketGrader ETFs track tailor-made US equity indices that are created by the research company MarketGrader. The pool of stocks composing each indices are selected for a range of factors. Six ETFs have recently been listed on the London Stock Exchange, American Stock Exchange and Borsa Italiana. ETFs, which typically carry annual management charges below those of traditional long-only funds, have become increasingly popular with private as well as institutional investors. SPA ETF is supported by London & Capital, a UK independent firm of investment advisors and fund managers. London & Capital has $3.4 billion assets under management.