Through its asset servicing business, The Bank of New York Mellon is to provide full fund accounting and administration services for the Dreyfus Corporation and WisdomTree Investments, Inc. on International cash and fixed income ETF products.
The products will be part of the WisdomTree Trust and will be co-branded and marketed by both organizations. Dreyfus will act as subadvisor to the trust.
“BNY Mellon Asset Management comprises asset management companies with individual, proprietary investment expertise, and this unique combination of talent fosters the development of innovative investment products,” says Ronald P. O’Hanley, president and CEO, BNY Mellon Asset Management.
“The creation of new ETFs complements what BNY Mellon Asset Management does already. BNY Mellon Asset Management’s ability to distribute new ETFs in the marketplace extends our capabilities to new products that are becoming increasingly important in the retail and intermediary business,” adds O’Hanley.
“Dreyfus is excited to be entering the ETF business as it is an increasingly vibrant segment of asset management. The strategic venture between Dreyfus and WisdomTree creates a formidable player as both companies bring their respective expertise to the venture,” says Phil Maisano, chief investment strategist, BNY Mellon Asset Management and chief investment officer, Dreyfus.
“WisdomTree is very excited to partner with BNY Mellon Asset Management as we venture into new asset classes. We believe there is significant opportunity for ETFs to provide exposure to cash products around the world. Despite US cash being a $3 trillion market segment, today’s US investor is surprisingly limited in their ability to easily hold cash in non-US cash investments. We are pleased to work with widely recognized asset management industry leader in BNY Mellon Asset Management,” says Jonathan Steinberg, CEO, WisdomTree.