BNY Mellon Asset Servicing Becomes First Service Provider to Support ETF Short Positions

Provides ETF Services for Actively Managed Mars Hill Global Relative Value ETF

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Jul 29, 2010, 08:26 ET

NEW YORK, July 29 /PRNewswire-FirstCall/ -- BNY Mellon Asset Servicing, the global leader in securities servicing, became the first service provider to support short positions in an exchange-traded fund (ETF) after being selected to provide ETF services, custody, fund accounting and fund administration for the Mars Hill Global Relative Value ETF (NYSE: GRV), the first actively managed ETF to pursue a long-short equity strategy.

This ETF, the first to hold short positions, is managed by AdvisorShares and sub-advised by Mars Hill Partners.

"We selected BNY Mellon to provide these critical services because of its ability to develop a customized solution regarding the servicing of short positions," said Noah Hamman, chief executive officer and founder of AdvisorShares. "BNY Mellon also has demonstrated its expertise in providing ETF services to our Dent Tactical ETF (NYSE: DENT), which we launched September, 2009."

"Our continuing investments in technology and customer service provide us with the infrastructure required to support short positions and actively managed ETFs," said Joseph Keenan, managing director and global head of exchange-traded fund services at BNY Mellon Asset Servicing. "We see increasing demand for actively managed ETFs as investors appreciate the additional flexibility that they can provide when compared with traditional mutual funds."

AdvisorShares is a turnkey platform for investment managers seeking to offer their investment strategy in an actively managed ETF. AdvisorShares works with some best-of-breed money managers to combine their money management expertise with the benefits the ETF structure provides. AdvisorShares provides sales, marketing and educational support to help financial advisors use AdvisorShares ETFs to help them achieve their clients' investment goals and objectives. AdvisorShares is an innovator in actively managed ETFs and is dedicated to investor education. Fund.com (OTC Bulletin Board: FNDM) is the majority owner of AdvisorShares Investments, LLC. Visit our website at http://www.advisorshares.com to learn more about us.

BNY Mellon Asset Servicing offers clients worldwide a broad spectrum of specialized asset servicing capabilities, including custody and fund services, securities lending, performance and analytics, and execution services. BNY Mellon Asset Servicing provides services through BNY Mellon and other related companies.

BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 36 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. It has $21.8 trillion in assets under custody and administration and $1.0 trillion in assets under management, services $11.6 trillion in outstanding debt and processes global payments averaging $1.5 trillion per day. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available at www.bnymellon.com.

SOURCE BNY Mellon