U.S. Bancorp has launched a new exchange-traded funds service, ETF-Fusion, which helps existing or start-up ETFs with product development,administration and trade support, proprietary technology and regulation and compliance.
The service includes a real-time, automated trading dashboard application, DASH, or Direct Access to a Secure Hub, that connects fund sponsors, distributors and authorized participants. It can generate Excel-enabled order reports through which sponsors can manage fees, as well as soft cut-offs on trades.
DASH also sends trade confirmations to sponsors, distributors and authorized participants Additionally, U.S. Bancorp's dedicated service team will send personal confirmations of all fax and Web orders. DASH also provides impromptu holiday forecasting and automatically support regular and reverse splits.
DASH includes a central Genius database contained within its fund accounting and inventory systems that integrates all ETF applications. Thus, benchmark data, fund data and order data are all directed and contained within the database.
“ETFs are the industry’s fastest-growing segment, and we are pleased to provide an innovative solution to support this unique product,” said Joe Redwine, president of U.S. Bancorp Fund Services. “With a full-service system, including distribution and custody support, we are offering something new and valuable to the industry.”
Eric Falkeis, chief financial officer of USBFS, added: “In addition to simplifying the processes of ETF trading, USBFS automated processes that traditionally have been manual, and made ETFs a much more efficient option for investment managers.”