The Bank of New York Appointed Servicer for New DB Commodity Services LLC ETFs
NEW YORK, March 8, 2007 -- The Bank of New York, a global leader in securities servicing, has been appointed servicer by DB Commodity Services LLC for two new PowerShares DB sector-based exchange traded funds (ETFs) now trading on the American Stock Exchange. The Bank will provide creation and redemption services, ETF accounting and administration, and transfer agency services.
The PowerShares DB suite of funds now includes the PowerShares DB US Dollar Index Bullish Fund and PowerShares DB US Dollar Index Bearish Fund. These funds supplement DB Commodity Services' already launched spectrum of eight commodity ETFs and one currency ETF.
Kevin Rich, chief executive officer of DB Commodity Services, said, "The Bank of New York has provided these services for our nine other funds, which are all based on an innovative structure, so we knew that they had the unique expertise to play this role. Awarding this additional business to them was a very clear decision."
Joseph Keenan, head of investor services sales at The Bank of New York, said, "This new business expansion signifies the broad confidence our clients place in our expertise in servicing all types of financial instruments across all markets. Our proven ability in providing innovative operational and administrative support assisted in bringing these funds to market quickly."
The Bank of New York and its affiliates support a comprehensive and flexible range of fund structures around the world, including open and closed end funds, exchange-traded funds, hedge funds, and unit investment trusts. Teams of dedicated experts are located worldwide, including Bermuda, Brussels, Cayman, Dublin, Florida, Jersey/Guernsey/Isle of Man, London, Luxembourg, New York and Singapore.
The Bank of New York Company, Inc. (NYSE: BK) is a global leader in providing a comprehensive array of services that enable institutions and individuals to move and manage their financial assets in more than 100 markets worldwide. The Company has a long tradition of collaborating with clients to deliver innovative solutions through its core competencies: securities servicing, treasury management, asset management, and private banking. The Company's extensive global client base includes a broad range of leading financial institutions, corporations, government entities, endowments and foundations. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has consistently played a prominent role in the evolution of financial markets worldwide. Additional information is available at www.bankofny.com.
The Bank of New York provides no advice nor recommendation or endorsement with respect to any company or security. Nothing herein shall be deemed to constitute an offer or solicitation of an offer to buy or sell securities.
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