The Bank of New York, a has been appointed Exchange-Traded Fund servicing agent and custodian for two newly launched global Van Eck Market Vectors ETFs.
The Bank of New York, a has been appointed Exchange-Traded Fund servicing agent and custodian for two newly launched global Van Eck Market Vectors ETFs. The Bank already services all other Van Eck Market Vectors ETF products.
The newly created funds are Market Vectors-Russia Fund (RSX) and Market Vectors-Global Alternative Energy Fund (GEX). RSX seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the DAXglobal Russia+ Index, a basket of securities of 30 of the most heavily traded Russian companies that have listings on global exchanges, either through American depositary receipts, Global depositary receipts or local Russian shares. GEX seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Ardour Global Index (Extra Liquid).
Bruce Smith, senior vice president of Van Eck Global, said, “We were systematic and comprehensive in our evaluation process. We chose The Bank of New York for our first ETFs because they had the reputation, technology, and expertise that we required. As our needs have expanded, they have grown along with us.”
Edward McGann, managing director and head of U.S. client relationship management at The Bank of New York, said, “This expansion of our relationship with Van Eck’s Market Vectors ETFs reflects our leadership role in supporting the ETF industry with the competitive services and products that this rapidly changing and expanding market demands. The Bank of New York is a recognized industry leader in the ETF servicing marketplace, and we will continue to partner with clients to bring new products to market quickly and effectively.”
The Bank of New York’s Investor Services Division services a range of fund structures around the world, including mutual funds, exchange-traded funds, hedge funds, and unit investment trusts through a worldwide network, including Bermuda, Brussels, Cayman, Dublin, Florida, Jersey/Guernsey/Isle of Man, London, Luxembourg, New York and Singapore.
