NEW YORK - Bank of New York Co. on Monday said it had been selected as trustee for Merrill Lynch & Co.'s Retail HOLDRs Trust, which will issue depository receipts representing common stock issued by 20 retail companies.
The trust is to offer investors diversification and flexibility for investing in certain issuers in the retail industry using a single, exchange-listed equity, Bank of New York said. It said it has created 18 basket securities with Merrill Lynch since 1998.
Separately, Bank of New York said it will supply fund accounting, custody, and cash management services to Reich and Tang Funds.
Reich and Tang Funds, with about $10 billion of assets, is one of the 16 affiliates and divisions of CDC IXIS Asset Management North America.