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Rating:BNY Mellon Lands a New ETF Client Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, December 04, 2009

BNY Mellon Lands a New ETF Client

News summary by MFWire's editors

Oklahoma City-based Geary Advisors looked to New York in choosing a custodian for its Texas and Oklahoma state-based ETFs, selecting BNY Mellon Asset Servicing for the job, the company revealed Tuesday.

BNY Mellon, which holds $22.1 trillion in assets under custody and administration, will provide custody, fund administration, fund accounting and transfer agency services for the two ETFs.

The Oklahoma Index Fund and its sibling, the Texas Large-Cap Index Fund, both of which trade on the NYSE Arca, were launched back in September 2009. The funds were unveiled shortly after OOK Advisors -– a part of The Geary Companies and the investment advisor for both ETFs –- rechristened itself as Geary Advisors and expanded beyond its Oklahoma City roots.

“We are impressed with the high quality of the services that BNY Mellon provides for ETFs,” stated Keith Geary, chairman, president and CEO of The Geary Companies. “BNY Mellon is providing us with customized services that enable us to offer these targeted, innovative ETFs to the investment community.”

While more and more companies jump on the ETF bandwagon, Geary is carving out a niche among the crowd with the launch of the exclusively state-focused funds, aiming to capitalize on the strong economies and business environment Texas and Oklahoma offer.

"We are seeing heightened interest in ETFs, as investors demand a cost-effective method to target an increasing number of market niches," stated Joseph Keenan, managing director and head of relationship management for financial services companies at BNY Mellon Asset Servicing. "We are investing in the technology required to deliver ETFs that are easily scaleable for both active and passive investors."


Company Press Release

NEW YORK, Dec. 2 -- BNY Mellon Asset Servicing, the global leader in securities servicing, has been selected by Geary Advisors, LLC to provide custody, fund administration, fund accounting and transfer agency services for the Oklahoma Exchange-Traded Fund (NYSE Arca: OOK) and the Texas Large Companies Exchange-Traded Fund (NYSE Arca: TXF), the first two exchanged-traded funds (ETFs) to focus on businesses in specific states.

Geary Advisors, LLC, part of The Geary Companies Inc., is the investment advisor for both ETFs. "We are impressed with the high quality of the services that BNY Mellon provides for ETFs," said Keith Geary, chairman of The Geary Companies. "BNY Mellon is providing us with customized services that enable us to offer these targeted, innovative ETFs to the investment community."

"We are seeing heightened interest in ETFs, as investors demand a cost-effective method to target an increasing number of market niches," said Joseph Keenan, managing director and head of relationship management for financial services companies at BNY Mellon Asset Servicing. "We are investing in the technology required to deliver ETFs that are easily scaleable for both active and passive investors."

*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 BNY Mellon and other related companies.

*BNY Mellon* is the corporate brand of The Bank of New York Mellon Corporation. BNY Mellon 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. BNY Mellon 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 $22.1 trillion in assets under custody and administration and $966 billion in assets under management, services $11.9 trillion in outstanding debt and processes global payments averaging $1.6 trillion per day. Additional information is available at www.bnymellon.com .



 

Edited by: Patricia Kelly


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