J.P. Morgan Worldwide Securities Services (WSS) it has been appointed by Precidian Funds LLC, a wholly-owned subsidiary of Precidian Investments LLC, to provide fund administration, fund accounting and custody services to its newly launched MAXIS Nikkei 225 Index exchange-traded fundthe first US based Nikkei 225 ETF.
Precidian Investments, through an arrangement with Mitsubishi UFJ Asset Management Co., Ltd., has been granted an exclusive license to establish the only US Nikkei 225 ETF. The Nikkei 225 Index, a Japanese equity benchmark, comprises 225 liquid stocks in the first section of the Tokyo Stock Exchange.
As a pioneer in the creation of innovative financial products, Precidian Investments specializes in exchange-traded products/funds, mutual fund development, and associated trading and pricing technologies. J.P. Morgan currently provides depository services for the CurrencyShares Platform, nine currency-backed exchange-traded products (ETPs), which were developed in partnership with Precidian Investments and sponsored by Rydex SGI. These products, which are also the first of their kind in the US, are traded under the CurrencyShares platform with total assets of $3.55 billion as of July 7.
“We are delighted to have this opportunity to expand our relationship with Precidian Funds, Chris Lynch, Americas markets manager for J.P. Morgan Worldwide Securities Services, says. J.P. Morgan has a rich history of innovation in the ETF space, with a commitment to the fund service business and pioneering technology, and we look forward to working with Precidian on their newly launched ETF.”
Precidian Chief Executive Daniel J. McCabe adds: “By selecting J.P. Morgan to service this ETF we are building upon an existing strategic partnership, and we are confident that its support will be a vital component to the success of this new fund.
(CM)