State Street Appointed by Charles Schwab to Service Newly Launched Exchange Traded Funds
February 11 2010 - 12:53PM
Business Wire
State Street Corporation (NYSE:STT), one of the world’s leading
providers of financial services to institutional investors,
announced today that it has been appointed by Charles Schwab to
service its newly launched family of exchange-traded funds.
State Street will provide the eight new funds with custody, fund
accounting, fund administration and transfer agency services. State
Street has provided Schwab with custody, fund accounting, fund
administration and securities lending services since 2005.
“We appointed State Street as our service provider because they
emerged as the clear leader for servicing our complex
exchange-traded fund structures,” said George Pereira, senior vice
president of Charles Schwab Investment Management. “With the launch
of our new funds, which carry industry-leading low expense
ratios and free trade commissions at Schwab, we needed a
service provider with scale and one that could dedicate resources
to ensuring all of the needs of our fund structures were met.”
State Street has been a pioneer in the development and servicing
of exchange-traded funds (ETFs) having launched the first ever ETF
in 1993 in partnership with the American Stock Exchange. State
Street utilizes its leading-edge technology, consultative client
approach and flexible servicing model to service ETFs and currently
services nearly half of all ETF assets worldwide.
“Investors continue to embrace ETFs for additional liquidity,
risk management and global diversification for their investment
portfolios,” said Alan Greene, executive vice president of State
Street’s US investor services business. “We are delighted to expand
our servicing relationship with Schwab and value the confidence
they place in us to offer the best solution set for their new
funds.”
State Street recently launched its latest publication on ETFs as
part of its Vision series of thought-leadership papers intended to
further increase awareness and understanding of key themes and
trends facing institutional investors industrywide. The paper,
titled “Exchange Traded Funds: Maximizing the Opportunities for
Institutional Investors,” examines the benefits of these investment
tools and the best method to maximize them in institutional
investors’ investment portfolios.
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 $18.8 trillion in assets
under custody and administration and $1.9 trillion in assets under
management at December 31, 2009, State Street operates in 25
countries and more than 100 geographic markets worldwide. For more
information, visit State Street’s web site at
www.statestreet.com.
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