Bank of New York Mellon has been selected to provide sub-advisory, transfer agency, fund accounting, fund administration, and custody services for the first three RevenueShares exchange-tr
Bank of New York Mellon has been selected to provide sub-advisory, transfer agency, fund accounting, fund administration, and custody services for the first three RevenueShares exchange-traded funds, which are weighted by companies’ revenues rather than by their market capitalisation, traditionally the most common way to structure index funds.
The three funds are the RevenueShares Large Cap Fund, Mid Cap Fund and Small Cap Fund. Exchange-traded fund administration services will be provided through BNY Mellon Asset Servicing, while sub-advisory services will be provided through BNY Mellon Asset Management.
‘Our position as a market leader in providing asset servicing capabilities combined with our ability to provide sub-advisory services were among the main reasons we were chosen as a partner,’ says Joseph F. Keenan, a managing director in BNY Mellon’s US asset services business. ‘We continue to invest in technology and client service so we can meet the growing needs of investment managers.’
‘Our offerings counterbalance index funds weighted by capitalisation,’ says Sean O’Hara, president of RevenueShares Investor Services, the advisor to the funds. ‘We believe this type of weighting positions investors for better long-term returns.’
RevenueShares Investor Services provides index-driven exchange-traded funds to institutional and retail investors and says its focus is to enhance investor returns by pursuing index strategies that challenge conventional wisdom.
Bank of New York Mellon provides asset management and wealth management, asset servicing, issuer, clearing and treasury services to institutions, corporations and high net worth individuals through offices in 34 countries and has more than USD23trn in assets under custody and administration, USD1.1trn in assets under management, and services USD11trn in outstanding debt.
