FinEx selects BNY Mellon as custodian for Russian ETF
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FinEx selects BNY Mellon as custodian for Russian ETF 02 May 2013New York Reporter: Jenna Jones
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FinEx Group has chosen BNY Mellon to provide custody and fund administration for its Russian exchange-traded fund (ETF)...
The new ETF was launched on the Moscow Exchange and will track the Barclays EM Tradable Russian Corporate Bond index.
Joseph Keenan, head of global ETF services at BNY Mellon, said: “Russia is an enormous untapped market for ETFs and it is highly likely we will see accelerated development of ETFs that offer investors greater exposure to Russian securities over the next 12 months.”
“While we believe the most likely ETFs to emerge this year will be equity-based, in time, we would also expect Ruble-denominated fixed income exchange traded products and a greater range of commodity and real estate exchange-traded products (ETPs) in the near term. The creation of Ruble ETPs should accelerate quickly as regulators allow global fund managers into the market, bringing their demonstrated expertise in structuring specialty financial products."
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