The ETF business has grown a great deal since 1993, when the AMEX created the first ETF – the S & P Depositary Receipts, or SPDRS. The number of ETFs listed with the AMEX now total 103, with about $80 billion dollars invested in these funds.
The new unit plans to leverage the group’s experience in this market by providing fee-based services to the financial services community, including:
- product concept and product strategy advisory services;
- marketing and operations services in both the product development and ongoing product support phases; and
- market data services.
Robert Tull, vice president of New Product Development at the AMEX, and previously instrumental in developing ETFs at both Deutsche Bank and Morgan Stanley, will head the new unit.