The Bank of New York announced today that it has been named Exchange-Traded Fund (ETF) services provider for the PowerShares Dynamic Market and the PowerShares Dynamic OTC Portfolios launched today by PowerShares Capital Management LLC on the American Stock Exchange.
The Bank of New York has become a major provider of custody, administration and accounting, transfer agency, securities lending, and execution services to the ETFs in the United States and Europe.
The Bank currently supports more than 45 separate exchange-traded funds with total assets of approximately $35 billion.
“We are pleased to have been chosen to support these ETFs designed to track
the
performance
of
the Dynamic Market and Dynamic OTC Intellidexes,” says Joseph F. Keenan, vice president at The Bank of New York.
“Our appointment again demonstrates the Bank’s commitment to responding to innovations within the global fund marketplace through the delivery of a wide range of flexible and high-quality services.”
Bruce Bond, president of PowerShares Capital, added: “The Bank of New York is recognized as a leading provider of ETF services, and we are confident that its support will be instrumental in the success of the PowerShares initiative.”