Direxion picks BNY Mellon for services

Direxion Funds has chosen BNY Mellon Asset Servicing to provide custody, accounting, fund administration, basket calculation and transfer agency services for its new range of exchange traded funds (ETF). Direxion's new ETFs have been designed to give investors three times the daily performance or inverse performance, before fees and expenses, of their underlying indices. Dan O'Neill, president and chief investment officer of Direxion Funds, said: "Our new long and short ETFs are intended to provide advisors and sophisticated investors with the largest amount of leverage available in th...