T. Rowe Price picks State Street for ETF servicing
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T. Rowe Price picks State Street for ETF servicing 06 August 2020Boston Reporter: Rebecca Delaney
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State Street has been appointed as the exchange-traded fund (ETF) service provider for four T. Rowe Price active ETFs.
The four ETFs, covering blue chip growth, dividend growth, equity income and growth stock, were launched yesterday.
This agreement extends the existing relationship between the two companies, in which State Street already supported T. Rowe Price in the development of service models and launch planning.
State Street will now also provide services including dissemination, settlement, custody, fund accounting, order-taking, financial reporting, transfer agency, and performance and investment analytics to T. Rowe Price’s ETFs.
Frank Koudelka, global ETF product specialist at State Street, commented: “It is great to see this partnership continue to evolve and grow over the years. We are 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.”
Tim Coyne, head of ETFs for T. Rowe Price, added: “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.”
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