State Street gains servicing mandate from AllianceBernstein
21 May 2021 Hong Kong
Image: TTstudio/adobe.stock.com
State Street Australia has been appointed servicing agent for a marquee AllianceBernstein Exchange Traded Fund (ETF) that now offers the dual access option.
As part of the arrangement, State Street will provide a range of servicing solutions including ETF basket services, fund accounting, fund administration and custody.
Originally developed seven years ago, AllianceBernstein’s Managed Volatility Equities Fund (AMVE) was listed on the Chi-X exchange last month leveraging the dual access model.
The dual access structure enables active managers to run a single register for both unlisted and listed investments. As a result, State Street explains that managers can gain greater operational and investment efficiencies.
Frank Koudelka, global ETF specialist for State Street, comments: “State Street continues to pave the way for active managers to participate in the ETF marketplace globally.”
According to Koudelka, this included being the first ETF service provider to support each of the semi-transparent active ETF models in the US and now the ground-breaking dual access model in Australia.
Jen Driscoll, AllianceBernstein Australia chief executive, says: “AllianceBernstein developed the Managed Volatility Equities strategy in collaboration with a major Australian superannuation fund which wanted to give its members a smoother, but still competitive, return profile in volatile markets.”
“We are very pleased to be working with State Street in the delivery of our active ETF,” Driscoll adds.
Last week, State Street appointed Neil Macdonald as head of the asset managers segment in Asia Pacifi.
As part of the arrangement, State Street will provide a range of servicing solutions including ETF basket services, fund accounting, fund administration and custody.
Originally developed seven years ago, AllianceBernstein’s Managed Volatility Equities Fund (AMVE) was listed on the Chi-X exchange last month leveraging the dual access model.
The dual access structure enables active managers to run a single register for both unlisted and listed investments. As a result, State Street explains that managers can gain greater operational and investment efficiencies.
Frank Koudelka, global ETF specialist for State Street, comments: “State Street continues to pave the way for active managers to participate in the ETF marketplace globally.”
According to Koudelka, this included being the first ETF service provider to support each of the semi-transparent active ETF models in the US and now the ground-breaking dual access model in Australia.
Jen Driscoll, AllianceBernstein Australia chief executive, says: “AllianceBernstein developed the Managed Volatility Equities strategy in collaboration with a major Australian superannuation fund which wanted to give its members a smoother, but still competitive, return profile in volatile markets.”
“We are very pleased to be working with State Street in the delivery of our active ETF,” Driscoll adds.
Last week, State Street appointed Neil Macdonald as head of the asset managers segment in Asia Pacifi.
Next industry article →
Former BNY Mellon CEO Daron Pearce launches new company for institutional investors
Former BNY Mellon CEO Daron Pearce launches new company for institutional investors
NO FEE, NO RISK
100% ON RETURNS If you invest in only one asset servicing news source this year, make sure it is your free subscription to Assegt Servicing Times
100% ON RETURNS If you invest in only one asset servicing news source this year, make sure it is your free subscription to Assegt Servicing Times
.jpg)