Global asset manager abrdn has appointed State Street to service its first actively-managed exchange-traded fund (ETF) in Europe.
As part of the mandate, State Street will provide abrdn with custody, fund accounting, order-taking and transfer agency services as well as ETF servicing.
State Street has been working closely with abrdn to support the firm’s expansion into the European ETF market with the launch of the abrdn Global Real Estate Active Thematics UCITS ETF.
Building on its existing presence in the US ETF market, abrdn aims to provide investors with access to its investment capabilities.
State Street is the largest ETF administrator in the world with more than 2700 ETFs serviced across 13 countries.
Ciaran Fitzpatrick, head of ETF Solutions for State Street Europe, says: “We began working with abrdn two years ago on the planning and strategy for the launch of their ETF range in Europe, and the first product going live marks a great milestone for both firms.
“Active ETFs are leading the next wave of ETF growth in the European market, and we continue to see strong demand for new offerings and product innovation. We look forward to continuing to support the development of further products as abrdn builds its range of offerings in the region.”
Emma Herd, director of commercial and client operations at abrdn, adds: “State Street’s support and experience during this period has been critical in helping us continue developing new and innovative solutions for our clients.”
.jpg)