AdvisorShares has selected BNY Mellon to provide exchange-traded-fund (ETF) services, custody, fund accounting and fund administration for the AdvisorShares Global Echo ETF.
This mandate expands BNY Mellon’s relationship with AdvisorShares, which began in 2009, to include 14 ETFs with assets totalling more than USD500 million.
GIVE is a diversified multi-manager ETF focusing on sustainable investment themes, sub-advised by Community Capital Management, Inc; Baldwin Brothers; Reynders, McVeigh Capital Management; and First Affirmative Financial Network. GIVE supports the Global Echo Foundation, a charitable entity co-founded by Philippe Cousteau Jr, which funds social programs benefiting women and children, environmental conservation and social entrepreneurship.
“BNY Mellon’s ability to provide the technological and client support required for actively managed ETFs such as GIVE was a key consideration in our selection of an ETF service provider,” says Noah Hamman (pictured), founder and chief executive officer of AdvisorShares. “We are highly confident that BNY Mellon’s capabilities are well-suited for this multi-manager active ETF, which aims to achieve absolute returns and seeks a low correlation with traditional indices over a full market cycle.”
“We are pleased to support the Global Echo ETF,” says Joseph Keenan (pictured), managing director and global head of ETF services at BNY Mellon Asset Servicing. Keenan noted the ETF will contribute 0.40 percent of the ETF management’s fee to the Global Echo Foundation. “Our strong investment in the ETF business has positioned BNY Mellon with the ability to provide top-flight service to an operationally complex actively managed fund such as GIVE,” he says.