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Friday, November 01, 2002|
FITR Lands in BONYs Corner
The Bank of New York (BONY) has won the back office duties for the new FITR exchange-traded funds (FITR stands for Fixed Income Trust Receipts). BONY now claims to handle more than more than 40 separate exchange-traded funds with total assets of approximately $30 billion, according to Joe Keenan, vice president and global product manager for exchange-traded products.
ETF Advisors, which is controlled and majority-owned by Rosenkranz Asset Managers, advises the funds. The funds are distributed by ALPS Distributors.
The new funds started trading today on the American Stock Exchange. The four Treasury FITRS are Treasury 1 FITR (TFT); Treasury 2 FITR (TOU); Treasury 5 FITR (TFI) and Treasury 10 FITR (TTE). The funds are based on Treasury indices licensed from New York City-based Ryan Labs.
"The Bank is highly focused on providing a wide range of quality services to the mutual fund industry, and our partnership with ETF Advisors is further evidence of our commitment to the ETF marketplace," said Keenan in announcing the win.
Gary Gastineau, managing director of ETF Advisors said the firm selected BONY for the mandate based both upon its reputation for supporting the industry's most successful ETFs, and its recognized expertise in the clearance, settlement, and lending of U.S. Treasury securities.
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