Direxion will be using the services of SS&C ALPS Distributors.
A provider of tradeable and thematic ETFs, Direxion will be using the services of SS&C ALPS Distributors, which will act as the underwriter and distributor for issuance, redemption and distribution of exchange-traded funds (ETFs) and mutual funds, officials say.
SS&C ALPS, which is owned by SS&C Technologies, will help Direxion manage more than $40 billion in assets across a suite of leveraged and inverse ETFs and mutual funds, to expand its distribution efforts, officials say.
The partnership with SS&C ALPS Distributors will allow Direxion “to access a suite of SS&C Registered Fund Services for mutual funds, interval funds, ETFs/ETPs, closed-end funds and collective investment trusts (CITs),” officials say.
“SS&C ALPS Distributors SS&C will also handle FINRA compliance and continuing education requirements, review marketing and sales literature, and consult and support Direxion funds’ distribution model and strategy,” according to the announcement.
“We are delighted to partner with SS&C to expand the distribution of our innovative funds,” says Angela Brickl, president of Direxion, in a prepared statement. “As the markets continue to evolve, being able to deliver timely vehicles aligned with the shifting dynamics of the financial markets is our priority,” Brickl adds.
SS&C ALPS Distributors now services more than 300 ETFs with more than $1 trillion in assets under distribution across 47 trusts, officials say. Services include FINRA registration, marketing review, ETF operations, and agreements.
SS&C, based in Windsor, Conn., offers services, systems, and software to support the operations of financial services firms and healthcare organizations.
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