Charles Schwab Corp. is beefing up its exchange-traded fund business with a new hire from Guggenheim Investments, Reuters reports.

David Botset, former senior vice president, portfolio strategist, exchange-traded funds at Guggenheim, has joined the firm as its new director, product strategy and development, which is a new position. Botset reports to Jonathan de St. Paer, vice president of product strategy and development.

New York-based Guggenheim, reportedly has not yet decided how it will replace Botset, who has been with the firm since 2007.

Hung Tran writes for Money Management Executive.