NEW YORK, May 17, 2012 /PRNewswire/ -- BNY Mellon, the global leader in investment management and investment services, has been selected by AdvisorShares to provide exchange-traded-fund (ETF) services, custody, fund accounting and fund administration for the AdvisorShares Global Echo ETF (NYSE: GIVE). This mandate expands BNY Mellon's relationship with AdvisorShares, which began in 2009, to include 14 ETFs with assets totaling more than $500 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," said Noah Hamman, 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," said Joseph Keenan, 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. He added, "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."
AdvisorShares, the advisor, is headquartered in Bethesda, Maryland. AdvisorShares is one of the leading providers of actively managed ETFs. AdvisorShares is pleased to offer actively managed ETFs, including the Dent Tactical ETF (NYSE: DENT), the Accuvest Global Long Short ETF (NYSE: AGLS), the WCM/BNY Mellon Focused Growth ADR ETF (NYSE: AADR), the Cambria Global Tactical ETF (NYSE: GTAA) the Peritus High Yield ETF (NYSE: HYLD), the Madrona Domestic ETF (NYSE: FWDD), the Madrona International ETF (NYSE: FWDI), the Madrona Global Bond ETF (NYSE: FWDB), the Active Bear ETF (NYSE: HDGE), the Meidell Tactical Advantage ETF (NYSE: MATH), the TrimTabs Float Shrink ETF (NYSE: TTFS), the Rockledge SectorSAM ETF (NYSE: SSAM), and the Accuvest Global Opportunities ETF (NYSE: ACCU). AdvisorShares provides educational support to help investors understand ETFs, and the underlying investment strategy for each of the AdvisorShares ETFs. AdvisorShares continues to seek qualified sub-advisor investment partners to offer compelling investment strategies in an active ETF structure. Visit their website at www.advisorshares.com to learn more about AdvisorShares. Follow the AdvisorShares Team on Twitter or 'Like' on Facebook.
Baldwin Brothers, Inc., located in Marion, MA, serves as investment sub-advisor to the fund and manages a portion of the fund's assets using a core equity strategy.
Community Capital Management, Inc., located in Weston, FL, serves as investment subadvisor to the fund and manages a portion of the fund's assets using a core fixed income strategy.
First Affirmative Financial Network, Inc., located in Colorado Springs, Colorado, serves as investment sub-advisor to the fund and manages a portion of the fund's assets using an alternative long/short and hedging strategy.
Reynders, McVeigh Capital Management, LLC, located in Boston, MA, serves as investment sub-advisor to the fund and manages a portion of the fund's assets using a core equity strategy.
BNY Mellon Asset Servicing offers clients worldwide a broad spectrum of specialized asset servicing capabilities, including custody and fund services, securities lending, performance and analytics, and execution services. BNY Mellon Asset Servicing provides services through BNY Mellon and other related companies.
BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 36 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, offering superior investment management and investment services through a worldwide client-focused team. It has $26.6 trillion in assets under custody and administration and $1.3 trillion in assets under management, services $11.9 trillion in outstanding debt and processes global payments averaging $1.4 trillion per day. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com or follow us on Twitter @BNYMellon.
SOURCE BNY Mellon