BNY Mellon Asset Servicing said it has been selected to provide exchange-traded fund services to Direxion Funds of Newton, Mass.
The services will include custody, accounting, fund administration, basket calculation, and transfer agency, BNY Mellon said Wednesday.
Direxion, which was founded in 1997, had $1.6 billion of assets under management as of Sept. 30. Its distributor is Rafferty Asset Management LLC of Garden City, N.Y., a provider of leveraged index funds and exchange-traded funds, among others.
BNY Mellon Asset Servicing, the securities servicing arm of Bank of New York Mellon Corp., offers specialized asset servicing, including custody and fund services.
Through Sept. 30 Bank of New York Mellon had $22.4 trillion of assets under custody and administration and about $1.1 trillion under management; it was servicing $12 trillion of outstanding debt as of Sept. 30.
