New York: XShares Group LLC, which develops developing precisely focused, innovative exchange traded funds (ETFs), has announced that it has received an additional financing in excess of $15 million from a group of European institutional investors. The new funds will be used for developing and introducing new exchange traded products, as well as for working capital.

With the receipt of the financing, the company also announced that Joseph L. Schocken, currently a member of XShares Board of Managers, has been named Chairman and Interim Chief Executive Officer of XShares Group and William P. Henson, the current CEO of XShares Group, will return full-time to Grail Partners, a founding investor of the Company, where he is a partner. Jeffrey L. Feldman, a member of the Board of Managers, will continue in his management role and has also been granted the title of Founder and Chief Strategist.

"Today is another milestone for the company," said Schocken. "It indicates continuing support for XShares Group and its innovative investment products, as well as the prospects for the ETF industry."

Schocken is Founder and President of Seattle-based Broadmark Capital, LLC. In his 30-year career as an investment banker, he has extensive knowledge of, and experience in, the financial services industry, including strong relationships with strategic and institutional investors internationally.