State Street appointed by Harbor Capital Advisors for ETF servicing
State Street Corporation has announced that it has been appointed as the back office servicing agent for Harbor Capital Advisors’ first actively managed fully transparent fixed income ETFs that were launched in September in the US.
The two funds are the Harbor Scientific Alpha Income ETF (SIFI), and the Harbor Scientific Alpha High-Yield ETF (SIHY). As part of the agreement, State Street will provide various ETF servicing solutions including basket creation, dissemination and settlement, custody, fund accounting, N-PORT production, order-taking and transfer agency.
“To support the launch of Harbor’s two ETFs, State Street used its deep experience in the market to educate the Harbor team regarding the idiosyncrasies of ETFs and guide the firm to industry best practice, resulting in a successful launch,” says Frank Koudelka, global ETF Product Specialist at State Street. “State Street’s deep ETF expertise along with our consultative approach and integrated global technology have laid the groundwork for Harbor’s ETF growth strategy.”
“We are thrilled to extend our long-term partnership with State Street to bring the first of several active transparent ETFs to the marketplace. As State Street continues to be an industry leader in the ETF space, we believe they are positioned well to support our goals of bringing more compelling ETF investment solutions to our clients," says Steve Cook, Harbor Managing Director and Head of ETFs.
State Street and Harbor have a long-standing partnership in the back office, as Harbor has been a client for over 30 years. In addition to the recent expansion into ETF servicing, State Street continues to provide custody, fund accounting and N-PORT on USD58 billion assets under custody administration.