BNY Mellon to Service State ETFs
December 3, 2009 (PLANSPONSOR.com) – BNY Mellon Asset Servicing has been selected by Geary Advisors, LLC to provide custody, fund administration, fund accounting, and transfer agency services for the Oklahoma Exchange-Traded Fund and the Texas Large Companies Exchange-Traded Fund.
A
news release said those were the first two exchanged-traded funds (ETFs) to
focus on businesses in specific states.
Geary Advisors is the investment adviser for both ETFs. “BNY Mellon is
providing us with customized services that enable us to offer these targeted,
innovative ETFs to the investment community,” said Keith Geary, chairman of The
Geary Companies, in the news release.
“We are seeing heightened interest in ETFs, as investors demand a
cost-effective method to target an increasing number of market niches,” said
Joseph Keenan, managing director and head of relationship management for
financial services companies at BNY Mellon Asset Servicing, in the news
announcement.