BNY Mellon Asset Servicing Selected to Provide Services for AdvisorShares ETF Trust

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April 29, 2009 7:55am ETF BASIC NEWS

etf-news7New ETFs Aimed at Growing Market for Active Management

NEW YORK, April 29 /PRNewswire-FirstCall/ — BNY Mellon Asset Servicing, the global leader in securities servicing, announced today that it has been selected by AdvisorShares Trust to provide comprehensive exchange traded funds (ETF) services. BNY Mellon will supply custody, fund accounting, fund administration, basket calculation, and transfer agency services for AdvisorShares’ multi-manager and single-manager strategies.

“We’re pleased to be working with BNY Mellon, which excels in providing ETF services to our sophisticated family of active ETFs,” said Noah Hamman, chief executive officer of AdvisorShares. “We are excited about the imminent launch of our first ETF and anticipate introducing additional products shortly. The AdvisorShares ETF structure delivers the combined benefits of active management found in mutual funds with the advantages of an ETF, including tax efficiencies and real-time pricing and transaction capability.”

Full Story: http://news.moneycentral.msn.com/provider/providerarticle.aspx?feed=PR&date=20090429&id=9849081



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