Mandate expands relationship to cover 52 ETFs
NEW YORK, January 4, 2012 — BNY Mellon, the global leader in investment services, has been selected to provide exchange-traded fund (ETF) services, custody, fund accounting and fund administration for the Direxion Large Cap Insider Sentiment Shares (INSD) and the Direxion All Cap Insider Sentiment Shares (KNOW). This extends BNY Mellon's relationship with Direxion to include 52 ETFs.
The new Direxion funds are intended to provide investors with access to stocks that corporate insiders are accumulating. The fund managers track insider transactions and analyst ratings based on public company filings.
"BNY Mellon has demonstrated its ability to provide the complex services that we require for our innovative array of ETFs," said Daniel O'Neill, president and chief investment officer of Direxion Shares. "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."
"These new Direxion ETFs demonstrate the increasing variety of strategies that are becoming available to investors," said Joseph Keenan, managing director and global head of exchange-traded fund services at BNY Mellon Asset Servicing. "We continue to invest in technology and client service so we can provide the comprehensive support these new and innovative products require."
Direxion Funds and Direxion Shares, managed by Rafferty Asset Management, LLC, offer leveraged index funds, ETFs and alternative-class fund products for investment advisors and sophisticated investors who seek to effectively manage risk and return in both bull and bear markets. Founded in 1997, the company has approximately $7.5 billion in assets under management as of September 30, 2011. The company's business model is built on continuous product innovation, exceptional customer service and a commitment to building strategic relationships with distribution partners. For more information, please visit www.direxionshares.com.
BNY Mellon Asset Servicing offers clients worldwide a broad spectrum of specialized asset servicing capabilities, including custody and fund services, securities lending, performance and analytics, and execution services. BNY Mellon Asset Servicing provides services through BNY Mellon and other related companies.
BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 36 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, offering superior investment management and investment services through a worldwide client-focused team. It has $25.9 trillion in assets under custody and administration and $1.2 trillion in assets under management, services $11.9 trillion in outstanding debt and processes global payments averaging $1.6 trillion per day. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com or follow us on Twitter @BNYMellon.