BNY Tapped to Provide Back Office Support to RevenueShares ETFs
News summary by MFWire's editors
VTL Associates has selected The Bank of New York Mellon to provide back-office services for its RevenueShares ETFs. The three RevenueShares were launched on February 22.
Company Press Release
NEW YORK, April 14 /PRNewswire-FirstCall/ -- The Bank of New York Mellon, the global leader in asset servicing and a leader in asset management, has been selected to provide exchange-traded fund (ETF) services, sub-advisory services, transfer agency services, fund accounting, fund administration, and custody services for the first three RevenueShares ETFs. The three index ETFs are weighted by the revenues of the companies in the Standard & Poor's core domestic indexes instead of by market capitalization, which has been the most common way to structure index funds.
The three funds are the RevenueShares Large Cap Fund (NYSE: RWL - News), the RevenueShares Mid Cap Fund (NYSE: RWK - News), and the RevenueShares Small Cap Fund (NYSE: RWJ - News). The ETF services will be provided through BNY Mellon Asset Servicing, and the sub-advisory services will be provided through BNY Mellon Asset Management.
"Our position as a market leader in providing asset servicing capabilities combined with our ability to provide sub-advisory services were among the main reasons we were chosen as a partner," said Joseph F. Keenan, managing director of U.S. Asset Services. "We continue to invest in technology and client service so we can meet the growing needs of investment managers."
"We believe that our offerings counterbalance index funds weighted by capitalization," said Sean O'Hara, president of RevenueShares Investor Services, LLC, the advisor for the funds. "We believe this type of weighting positions investors for better long-term returns."
RevenueShares Investor Services, LLC provides innovative index driven exchange traded funds to the institutional and retail investor. Its focus is to enhance returns for investor by pursuing index strategies that challenge conventional wisdom.
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 $23 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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