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The Amex Creates an ETF Business Unit

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 last week.

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 billion 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 core people, she said.