BNY Mellon has been selected to provide ETF services, custody, fund accounting and fund administration for the Mars Hill Global Relative Value ETF, the first actively managed ETF to pursue a long/short equity strategy. The ETF is managed by AdvisorShares, which offers an ETF platform for investment managers, and sub-advised by Mars Hill Partners.
"We selected BNY Mellon to provide these critical services because of its ability to develop a customised solution regarding the servicing of short positions," said Noah Hamman, chief executive officer and founder of AdvisorShares, which has an existing servicing relationship with the bank.
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