BNY Mellon gets Direxion mandate 06 January 2012New York Reporter: Anna Reitman
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BNY Mellon will be providing ETF services, custody, fund accounting and fund administration for two more Direxion funds.
The new Direxion funds, Large Cap Insider Sentiment Shares and the Direxion All Cap Insider Sentiment Shares, are intended to provide investors with access to stocks that corporate insiders are accumulating by tracking insider transactions and analyst ratings based on public company filings.
Daniel O’Neill, president and CIO of Direxion Shares, said, “These new funds require BNY Mellon to provide support for investment products that are significantly different from the vast majority of ETFs because they are not constrained by style box or sector allocation limitations.”
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