AdvisorShares picks BNY Mellon for ETF services
BNY Mellon is to provide custody, accounding and administration services to support AdvisorShares’ Global Echo ETF.
The deal takes the number of AdvisorShares ETFs supoprted by BNY Mellon to 14, with assets totalling more than $500m.
The Global Echo ETF is focused on sustainable investment themes, and is sub-advised by Community Capital Management, Baldwin Brothers, Reynders, McVeigh Capital Management, and First Affirmative Financial Network.
“We are pleased to support the Global Echo ETF,” said Joseph Keenan, managing director and global head of ETF services at BNY Mellon Asset Servicing.
The ETF will contribute 0.4% of the ETF management’s fee to the Global Echo Foundation.