Unit Will Offer ETF Consulting Services
The American Stock Exchange has created a new business unit to pursue new opportunities for exchange-traded funds and capitalize off of ETF product development, the company announced today.
The new unit, Amex ETF Services, will provide fee-based services to investment managers, such as product concept and strategy advisory services, marketing and operations services and market data services, according to Salvatore Sodano, CEO of the Amex.
The Amex, which currently lists 103 ETFs with approximately $80 million in assets, began planning Amex ETF Services in November 2000, according to Kim Atwater, a spokesperson for the Amex. The new unit will be comprised of a team of 25 people, she said.
Robert Tull, vice president of new product development at the Amex, has been appointed to head the new unit. Tull was previously a managing director at Deutsche Bank and helped to develop ETFs there as well as at Morgan Stanley.
'The competitive advantages that we enjoy as the global ETF leader have led the international financial community to consistently seek out our services, and has literally opened up a world of opportunity for us to strategically expand into a new ETF business segment,' said Tull. 'Our product innovation and the global ETF trading platform we are creating, combined with this new initiative, solidly positions the Amex to continue its leadership role as the pioneer and innovator in this exciting new industry.'