BNY Mellon wins Direxion mandate 22 June 2011New York Reporter: Ben Wilkie
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BNY Mellon Asset Servicing has been selected to provide exchange-traded fund (ETF) services, custody, fund accounting and fund administration for eight recently introduced leveraged ETFs and one non-leveraged ETF from Direxion Shares.
The 3X Leveraged Bull and Bear ETFs seek daily investment results of 300 percent and daily inverse results of 300 per cent, respectively, of the price performance of their underlying indices. The Daily Total Market Bear 1X ETF seeks inverse daily investment results that mirror the price performance of its underlying index.
"BNY Mellon was chosen to service these new funds because of its ability to meet the daily needs of our complex portfolios," said Daniel O'Neill, president and chief investment officer of Direxion Shares. "This appointment further extends our strong partnership with BNY Mellon and we are confident that its support will be a key component to the success of these new funds."
"We continue to see rapid innovation in the ETF arena as firms such as Direxion provide sophisticated investors with the tools to take advantage of a broad range of market opportunities," said Joseph Keenan, managing director and global head of exchange-traded fund services at BNY Mellon Asset Servicing.
"Our ongoing investments in technology and client service have positioned BNY Mellon to provide the efficient and risk mitigating support that fund managers demand."
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