BNY Mellon has been selected to provide exchange-traded fund (ETF) services, custody, fund accounting and securities lending for the six new Market Vector Industry ETFs.
The six new ETFs, launched in December 2011, were offered to existing investors in the corresponding six Merrill Lynch-sponsored HOLDRS through separate exchange offers and were distributed by Van Eck Global.
Van Eck vice president, portfolio administration John Crimmins said that the ETF structure provides a more dynamic, diversified investment vehicle as it better reflects changes in the composition of industry sectors that inevitably occur over time.
BNY Mellon Asset Servicing managing director and global head of exchange-traded fund services Joseph Keenan said that they remain committed to developing the technology and client services that have enabled BNY Mellon to deliver the type of innovation demanded by the constantly evolving ETF industry.
"This exchange offer, another first for the ETF industry, illustrates the continuing changes in this investment segment," added Keenan.