BNY Mellon Asset Servicing Selected to Provide ETF Services for Direxion Funds
November 12 2008 - 8:36AM
PR Newswire (US)
New ETFs Aimed at Providing Triple Exposure to Select Indexes NEW
YORK, Nov. 12 /PRNewswire-FirstCall/ -- BNY Mellon Asset Servicing,
the global leader in securities servicing, announced today that it
has been selected by Direxion Funds to provide comprehensive
exchange traded funds (ETF) services including custody, accounting,
fund administration, basket calculation and transfer agency. The
new funds are aimed at providing investors with three times the
daily performance or inverse performance, before fees and expenses,
of their underlying indices. "Our continuing investments in
technology and customer support enable us to provide a broad
spectrum of services for innovative mutual funds and ETFs such as
these new offerings from Direxion Funds," said Joseph Keenan,
managing director and head of sales and relationship management for
U.S. Asset Services at BNY Mellon Asset Servicing. "Our ETF
servicing platform will work with Direxion's products to make sure
their shareholders are receiving accurate and timely information."
"Our new long and short ETFs are intended to provide advisors and
sophisticated investors with the largest amount of leverage
available in the ETF marketplace, giving them effective tools to
magnify their investment perspective and navigate both bull and
bear markets," said Dan O'Neill, president and chief investment
officer of Direxion Funds. "We selected BNY Mellon as our
securities servicing provider because they have demonstrated the
ability to deliver the services required for complex ETFs and can
cost-effectively scale its systems to meet our growth." Direxion
Funds, managed by Rafferty Asset Management, LLC, is a major
provider of leveraged index funds and ETFs and alternative-class
fund products for investment advisors and sophisticated investors
who seek to effectively manage risk and return in both bull and
bear markets. Founded in 1997, the company has approximately $1.6
billion in assets under management. The company's business model is
built on continuous product innovation, exceptional customer
service and a commitment to building strategic relationships with
distribution partners. For more information, please visit
http://www.direxionshares.com/ or http://www.direxionfunds.com/.
BNY Mellon Asset Servicing offers clients worldwide a broad
spectrum of specialized asset servicing capabilities, including
custody and fund services, securities lending, performance and
analytics, and execution services. BNY Mellon Asset Servicing
provides services through The Bank of New York Mellon and other
related companies. The Bank of New York Mellon Corporation is a
global financial services company focused on helping clients manage
and service their financial assets, operating in 34 countries and
serving more than 100 markets. The company is a leading provider of
financial services for institutions, corporations and
high-net-worth individuals, providing superior asset management and
wealth management, asset servicing, issuer services, clearing
services and treasury services through a worldwide client-focused
team. It has more than $22.4 trillion in assets under custody and
administration, approximately $1.1 trillion in assets under
management and services $12 trillion in outstanding debt.
Additional information is available at bnymellon.com . DATASOURCE:
The Bank of New York Mellon Corporation CONTACT: Mike Dunn, BNY
Mellon Asset Servicing, +1-212-922-7859, ; or For Direxion Funds:
Jennifer Connelly, JC Public Relations, Inc., +1-973-732-3521, Web
Site: http://www.bnymellon.com/ http://www.direxionfunds.com/
http://www.direxionshares.com/
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