AdvisorShares mandates BNY Mellon 18 May 2012New York Reporter: Georgina Lavers
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AdvisorShares has selected BNY Mellon to provide exchange-traded-fund services, custody, fund accounting and fund administration for the AdvisorShares Global Echo ETF.
This mandate expands BNY Mellon's relationship with AdvisorShares, which began in 2009, to include 14 ETFs with assets totaling more than $500 million.
"We are pleased to support the Global Echo ETF," said Joseph Keenan, managing director and global head of ETF services at BNY Mellon Asset Servicing.
Keenan noted the ETF will contribute 0.40 percent of the ETF management's fee to the Global Echo Foundation, a charitable entity co-founded by Philippe Cousteau Jr., which funds social programmes benefiting women and children, environmental conservation and social entrepreneurship.
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