02 August 2010
New York
Reporter: Justin Lawson
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A first for service providers


BNY Mellon Asset Servicing, became the first service provider to support short positions in an exchange-traded fund (ETF) after being selected to provide ETF services, custody, fund accounting and fund administration for the Mars Hill Global Relative Value ETF, the first actively managed ETF to pursue a long-short equity strategy.

This ETF, the first to hold short positions, is managed by AdvisorShares and sub-advised by Mars Hill Partners.

"We selected BNY Mellon to provide these critical services because of its ability to develop a customized solution regarding the servicing of short positions," said Noah Hamman, chief executive officer and founder of AdvisorShares. "BNY Mellon also has demonstrated its expertise in providing ETF services to our Dent Tactical ETF, which we launched September, 2009."

"Our continuing investments in technology and customer service provide us with the infrastructure required to support short positions and actively managed ETFs," said Joseph Keenan, managing director and global head of exchange-traded fund services at BNY Mellon Asset Servicing. "We see increasing demand for actively managed ETFs as investors appreciate the additional flexibility that they can provide when compared with traditional mutual funds."

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