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Tuesday, August 15, 2017
A Two-State Shop Enters the ETF Biz
A new shop in Sin City and the Southland just entered the ETF business.
Las Vegas, Nevada- and Sherman Oaks, California-based New York Alaska ETF Management (NYA) launched the State Funds - Enhanced Ultra Short Duration Fund (STATX) in April. The fund aims to seek current income consistent with preservation of capital and daily liquidity.
The firm was founded in 2014 by CEO Ofer Abarbanel. Abarbanel is a 17 year securities lending broker and expert. He is the owner and CEO of Institutional Secured Credit, LLC, and an outsourced consultant for Contact Prime Brokerage Ltd.
Abarbanel did not return a call for comment.
The fund is distributed by Rafferty Capital Markets, LLC and is administrated by Mutual Shareholder Services, LLC, which is also the fund's transfer agent. Its investment advisor is NYA, and its custodians are Wells Fargo Bank, N.A., The Huntington National Bank, and Omnium Trust Company Limited. Its PM is Nicholas Abbate, who is also PM of NYA.
Abbate is also the fund's chief operating officer, and has been PM for NYA since November 2016. From 2014 to 2016, Abbate served as director of business development at Enerlock, LLC. Between 2010 to 2014, he was an independent real estate investor and developer. Prior, he served various roles at Knight Capital Group, Inc. from 1997 to 2010. Before joining Knight Capital Group, Abbate spent a year as an accounts manager at TD Waterhouse Securities. He earned a bachelor of the arts degree in business management from St. John's University and currently holds the FINRA Series 65 license.
NYA provides discretionary investment advisory to associated trusts and their funds only. It has $108,784 in assets under management as of June 6, 2017.
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