The Bank of New York has been appointed servicer and sub-advisor for five new HealthShares exchange traded funds (ETFs) now trading on the New York Stock Exchange. The Bank will provide custody, fund accounting and administration, transfer agency services, and asset management advisory services. XShares Advisors LLC, a subsidiary of XShares Group LLC, acts as the investment advisor for the funds.
The new HealthShares family of funds includes HealthShares Cardio Devices ETF, HealthShares Diagnostics ETF, HealthShares Emerging Cancer ETF, HealthShares Enabling Technologies ETF and HealthShares Patient Care Services ETF.
“We knew we needed a partner with the depth of expertise and critical knowledge to get us quickly to an effective market launch, as well as offer us a range of services available around the globe,” says Jeff Feldman, the founder and vice chairman of XShares Group. “The Bank of New York easily met and exceeded our requirements.”
“This new business appointment further solidifies the dominant role the Bank enjoys in the ETF marketplace,” adds Joseph Keenan, the head of investor services sales at The Bank of New York. “We are delighted to partner with HealthShares, who selected us both based upon our ability to deliver an unmatched array of financial services to help bring their innovative new products to market, and for our recognized expertise as an industry leader to help them expand and grow their business.”
Through BNY Asset Management, the investment management arm of the firm, the Bank will serve as sub-advisor to the funds and perform the day-to-day portfolio management functions.