BNY Mellon Asset Servicing Selected to Provide Services for AdvisorShares ETF Trust
April 29 2009 - 8:14AM
PR Newswire (US)
New ETFs Aimed at Growing Market for Active Management NEW YORK,
April 29 /PRNewswire-FirstCall/ -- BNY Mellon Asset Servicing, the
global leader in securities servicing, announced today that it has
been selected by AdvisorShares Trust to provide comprehensive
exchange traded funds (ETF) services. BNY Mellon will supply
custody, fund accounting, fund administration, basket calculation,
and transfer agency services for AdvisorShares' multi-manager and
single-manager strategies. "We're pleased to be working with BNY
Mellon, which excels in providing ETF services to our sophisticated
family of active ETFs," said Noah Hamman, chief executive officer
of AdvisorShares. "We are excited about the imminent launch of our
first ETF and anticipate introducing additional products shortly.
The AdvisorShares ETF structure delivers the combined benefits of
active management found in mutual funds with the advantages of an
ETF, including tax efficiencies and real-time pricing and
transaction capability." "Our reputation for service was a key
reason for being chosen as a partner by AdvisorShares," said Joseph
Keenan, managing director and head of relationship management for
U.S. Asset Services at BNY Mellon Asset Servicing. "We are
continuing to develop the technology required to support an
expanding array of ETFs, particularly in the actively managed
space." AdvisorShares is an innovative investment management firm
designed to offer actively managed ETFs. Exchange Traded Funds are
one of the fastest growing investment products due to their
operational and tax efficient structure, and ease of accessibility.
AdvisorShares intends to offer a variety of investment products
designed to help investors reach their financial goals. The company
seeks out top investment management firms interested in
sub-advisory and product development opportunities, as well as
qualified emerging money managers. AdvisorShares Investments, LLC,
is majority owned by Fund.com Inc., an online financial community
which provides investment insight, analysis and portfolio planning
tools. Additional Information about AdvisorShares Investments, LLC
is available at http://www.advisorshares.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 $19.5 trillion in
assets under custody and administration, $881 billion in assets
under management, services more than $11 trillion in outstanding
debt and processes global payments averaging $1.8 trillion per day.
Additional information is available at http://www.bnymellon.com/.
DATASOURCE: The Bank of New York Mellon CONTACT: Mike Dunn of BNY
Mellon Asset Servicing, +1-212-922-7859,
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