Builds on State Street’s 30 year history of innovation in the ETF space
State Street Corporation (NYSE: STT) today announced that it has been appointed by abrdn to service its first actively managed exchange traded fund (ETF) in Europe. State Street will provide abrdn, a leading European asset manager with £500bn1 in assets under management and administration (AUMA), with custody, fund accounting, order-taking, transfer agency services and 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 in a liquid and transparent vehicle.
“State Street is extremely pleased to partner with abrdn on the launch the first of their new active ETF range in Europe, and we look forward to continuing to support the development of further products as abrdn builds its range of offerings in the region,” said Ciaran Fitzpatrick, head of ETF Solutions for State Street Europe. “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 are delighted to partner with a global leader in the ETF industry as we look to build a competitive product range in this growing segment of the market,” said Emma Herd, director of Commercial and Client Operations, abrdn. “State Street’s support and experience during this period has been critical in helping us continue developing new and innovative solutions for our clients.”
For the past 30 years, State Street has continuously innovated to support what has become a US$10T ETF marketplace. Today State Street is the largest ETF administrator in the world with more than 2,700 ETFs serviced in 13 countries2 and provides fully integrated global ETF servicing capabilities. State Street’s ETF servicing business allows clients to engage easily and efficiently with the growing ETF market by leveraging its efficient proprietary technology and global operating model. State Street’s solutions enable clients to launch ETFs that align with industry best practices at every stage, regardless of structure or model.
About State Street
State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $39.6 trillion in assets under custody and/or administration and $3.8 trillion* in assets under management as of June 30, 2023, State Street operates globally in more than 100 geographic markets and employs approximately 43,000 worldwide. For more information, visit State Street's website at www.statestreet.com.
*Assets under management as of June 30, 2023 includes approximately $63 billion of assets with respect to SPDR® products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated.
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1 As at 28 Feb 2023: https://www.abrdn.com/docs?editionId=b5469fbf-6fca-44ca-91a6-5dce0e4a4d0c
2 State Street Internal Research
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