State Street is set to service two exchange-traded funds (ETF) for Aberdeen Standard Investments (ASI).
These two ETF funds have converted from being serviced by another provider to State Street in order to better control costs and maximise efficiencies, explains ASI.
Through the conversion of the two ETF funds, State Street will now provide the full scope of ETF servicing, including custody, fund accounting, basket creation/settlement, order-taking, transfer agency and regulatory reporting to ASI.
State Street says this milestone builds on its reappointment as ASI’s complete back-office servicing provider which includes global custody, accounting and fund administration for ASI’s fund ranges in the US and Canada.
“Our growing relationship with Aberdeen Standard Investments underscores State Street’s differentiated leadership in the ETF space,” comments Frank Koudelka, global ETF product specialist at State Street.
According to Koudelka, State Street’s innovative approach to ETF servicing will empower ASI to not only expand its ETF franchise domestically and globally, but also create new efficiencies through provider consolidation.
Chris Demetriou, CEO for UK, Europe, the Middle East and Africa and Americas at ASI, explains: “We view State Street as not only a service provider, but as a partner, because of its industry leadership and demonstrated expertise in servicing ETFs.”
“We are pleased to continue to grow our partnership with State Street through their support of our ETF franchise,” Demetriou adds.
Last month, State Street Australia was appointed servicing agent for a marquee AllianceBernstein ETF that now offers the dual access option.
