NEW YORK, July 29 /PRNewswire-FirstCall/ -- BNY Mellon
Asset Servicing, the global leader in securities servicing, became
the first service provider to support short positions in an
exchange-traded fund (ETF) after being selected to provide ETF
services, custody, fund accounting and fund administration for the
Mars Hill Global Relative Value ETF (NYSE: GRV), the first actively
managed ETF to pursue a long-short equity strategy.
This ETF, the first to hold short positions, is managed by
AdvisorShares and sub-advised by Mars Hill Partners.
"We selected BNY Mellon to provide these critical services
because of its ability to develop a customized solution regarding
the servicing of short positions," said Noah Hamman, chief executive officer and founder
of AdvisorShares. "BNY Mellon also has demonstrated its
expertise in providing ETF services to our Dent Tactical ETF (NYSE:
DENT), which we launched September, 2009."
"Our continuing investments in technology and customer service
provide us with the infrastructure required to support short
positions and actively managed ETFs," said Joseph Keenan, managing director and global head
of exchange-traded fund services at BNY Mellon Asset Servicing.
"We see increasing demand for actively managed ETFs as
investors appreciate the additional flexibility that they can
provide when compared with traditional mutual funds."
AdvisorShares is a turnkey platform for investment
managers seeking to offer their investment strategy in an actively
managed ETF. AdvisorShares works with some best-of-breed
money managers to combine their money management expertise with the
benefits the ETF structure provides. AdvisorShares provides
sales, marketing and educational support to help financial advisors
use AdvisorShares ETFs to help them achieve their clients'
investment goals and objectives. AdvisorShares is an
innovator in actively managed ETFs and is dedicated to investor
education. Fund.com (OTC Bulletin Board: FNDM) is the majority
owner of AdvisorShares Investments, LLC. Visit our website at
http://www.advisorshares.com to learn more about us.
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 BNY Mellon and other related
companies.
BNY Mellon is a global financial services company focused
on helping clients manage and service their financial assets,
operating in 36 countries and serving more than 100 markets. BNY
Mellon 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 $21.8 trillion in assets under custody and
administration and $1.0 trillion in
assets under management, services $11.6
trillion in outstanding debt and processes global payments
averaging $1.5 trillion per day. BNY
Mellon is the corporate brand of The Bank of New York Mellon
Corporation (NYSE: BK). Additional information is available at
www.bnymellon.com.
SOURCE BNY Mellon