State Street announces new ETF servicing arrangement with VanEck
State Street announces new ETF servicing arrangement with VanEck
State Street Corporation reports that it has expanded its servicing arrangement with global investment firm, VanEck, to provide exchange-traded fund (ETF) services for nearly US$40 billion of its clients' assets.
As part of this arrangement State Street will provide a variety of back office services, including accounting and certain administration functions, for more than 60 VanEck funds.
‘State Street has long been considered a pioneer in the ETF servicing industry,’ said John Crimmins, Chief Financial Officer, Mutual Funds and ETFs, from VanEck. ‘We are confident that their technology, along with their dedicated staff that understands the ETF ecosystem, will enhance our ability to service shareholders and will allow us to focus on creating new and innovative ETFs.’
State Street also announced that it now services close to 70 percent of US ETF and exchange-traded products (ETP) assets under management.