T Rowe Price appoints State Street as service provider for active ETFs
State Street Corporation has been appointed the ETF service provider for four newly-launched T Rowe Price active exchange-traded funds (ETFs), which launched today.
The funds, which are listed on NYSE Arca, are T Rowe Price Blue Chip Growth ETF (TCHP), T Rowe Price Dividend Growth ETF (TDVG), T Rowe Price Equity Income ETF (TEQI), and T Rowe Price Growth Stock ETF (TGRW).
For the past three years, State Street has supported T Rowe Price in the development of service models and launch planning, culminating in the funds’ public availability today.
“It’s great to see this partnership continue to evolve and grow over the years. We’re excited to now use our expertise in ETF servicing for T Rowe Price to make sure its investors and portfolio managers are given a best-in-class experience in this market sector,” says Frank Koudelka, Global ETF Product Specialist at State StreeT
As part of the agreement, State Street will provide services including basket creation, dissemination, settlement, custody, fund accounting, order-taking, financial reporting, performance and investment analytics and transfer agency services to T Rowe Price’s suite of funds.
T Rowe Price was the first investment manager to create and file with the Securities and Exchange Commission (SEC) for a model that allows ETFs to be actively managed while it also protects the intellectual property of the funds’ investment management process. The model underlying T Rowe Price’s ETFs includes high-quality intraday pricing signals developed in consultation with market makers.
“As investor needs and expectations continue to evolve, we want to provide additional choice through active ETFs. We are excited to work with State Street in the delivery of active ETFs supported by the highest level of service,” says Tim Coyne, head of ETFs for T Rowe Price.