The Bank of New York Appointed ETF Services Provider for Newly Launched Van Eck Market Vectors Funds
NEW YORK, May 10, 2007 -- The Bank of New York, a global leader in securities servicing, has been appointed Exchange-Traded Fund (ETF) servicing agent and custodian for two newly launched global Van Eck Market Vectors ETFs. The Bank already services all other Van Eck Market Vectors ETF products.
The newly created funds are Market Vectors-Russia Fund (RSX) and Market Vectors-Global Alternative Energy Fund (GEX). RSX seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the DAXglobal® Russia+ Index (DXRPUS), a basket of securities of 30 of the most heavily traded Russian companies that have listings on global exchanges, either through American depositary receipts, Global depositary receipts or local Russian shares. GEX seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Ardour Global IndexSM (Extra Liquid) (AGIXL).
Bruce Smith, senior vice president of Van Eck Global, said, "We were systematic and comprehensive in our evaluation process. We chose The Bank of New York for our first ETFs because they had the reputation, technology, and expertise that we required. As our needs have expanded, they have grown along with us."
Edward McGann, managing director and head of U.S. client relationship management at The Bank of New York, said, "This expansion of our relationship with Van Eck's Market Vectors ETFs reflects our leadership role in supporting the ETF industry with the competitive services and products that this rapidly changing and expanding market demands. The Bank of New York is a recognized industry leader in the ETF servicing marketplace, and we will continue to partner with clients to bring new products to market quickly and effectively."
Founded in 1955, Van Eck Associates Corporation was among the first U.S. money managers helping investors achieve greater diversification through global investing. Today, the firm continues its 50+ year tradition by offering global investment choices in hard assets, emerging markets, precious metals including gold, and other specialized asset classes.
The Bank of New York's Investor Services Division services a comprehensive and flexible range of fund structures around the world, including mutual funds, exchange-traded funds, hedge funds, and unit investment trusts. 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 wealth management. 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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