GreenHaven Taps a Back-Office Provider for its ETF
News summary by MFWire's editors
GreenHaven Commodity Services has tapped BNY Mellon Asset Servicing to provide back-office services for the GreenHaven Continuous Commodity Index Fund. Under the contract, BNY Mellon will provide creation and redemption services, ETF accounting and administration and transfer agency services.
Ashmead Pringle, president of GreenHaven Commodity Services, cited BNY Mellon's "willingness to customize its systems to meet our special needs."
Company Press Release
NEW YORK, Feb. 21 /PRNewswire-FirstCall/ -- BNY Mellon Asset Servicing, the global leader in asset servicing, has been appointed servicer of the GreenHaven Continuous Commodity Index Fund , an exchange trade fund (ETF). BNY Mellon will provide creation and redemption services, ETF accounting and administration, and transfer agency services.
The fund seeks to use a combination of U.S. Treasury securities and exchange traded futures to combine the return of the 17 commodities in the Reuters Continuous Commodity Index Total Return (CCI-TR) with an additional U.S. Treasury bill return. The 17 equally weighted commodities tracked by the GCC are wheat, corn, soybeans, live cattle, lean hogs, gold, silver, platinum, copper, cotton, coffee, cocoa, orange juice, sugar, crude oil, heating oil and natural gas.
"BNY Mellon has demonstrated its ability to provide the full breadth of services required to support commodity-based ETFs along with a willingness to customize its systems to meet our special needs," said Ashmead Pringle, president of GreenHaven Commodity Services, LLC.
"We see a growing demand by investors for commodities ETFs and continue to develop the tools that will help investment managers operate these funds as efficiently as possible," said Joe Keenan, managing director of BNY Mellon Asset Servicing. "We are devoting an increasing level of resources to support both traditional ETFs that track equity indexes as well as the growing number of ETFs that track assets that are not correlated with the stock markets."
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 The Bank of New York, Mellon Bank, N.A. and other related companies.
The Bank of New York Mellon Corporation is a global financial services company focused on helping clients manage and service their financial assets, operating in 34 countries and serving more than 100 markets. The company is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. It has more than $20 trillion in assets under custody and administration, more than $1.1 trillion in assets under management and services $11 trillion in outstanding debt. Additional information is available at bnymellon.com.
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