State Street announces new ETF servicing arrangement with VanEck
State Street Corporation (NYSE:STT) has expanded its servicing arrangement with leading global investment firm, VanEck, to provide Exchange Traded Fund (ETF) services for nearly USD40 billion of its clients’ assets.
“We are pleased to build on our existing relationship with VanEck and announce this new servicing arrangement,” says Frank Koudelka, Global ETF Product Specialist at State Street. “We continue to devote significant resources to servicing the ETF structure and continually seek to improve our proprietary, core platform as well as providing strategic advice to our clients.”
As part of this arrangement State Street will provide a variety of back office services, including accounting and certain administration functions, for more than 60 VanEck funds.
“State Street has long been considered a pioneer in the ETF servicing industry,” says John Crimmins, Chief Financial Officer, Mutual Funds and ETFs, from VanEck. “We are confident that their technology, along with their dedicated staff that understands the ETF ecosystem, will enhance our ability to service shareholders and will allow us to focus on creating new and innovative ETFs.”
State Street now services close to 70 per cent of US ETF and exchange trade products (ETP) assets under management. Additionally, State Street was recently named Best ETF Administrator for the 2019 Fund Intelligence Operations and Service Awards and Best ETF Administrator and Best ETF Custodian at the 2019 ETF Express Awards.