State Street Chosen as Provider for T. Rowe Price Active ETFs
August 05 2020 - 12:15PM
Business Wire
State Street Corporation (NYSE: STT) today announced that it has
been appointed the ETF service provider for four T. Rowe Price
active exchange-traded funds (ETFs), which launched today. The
funds, which are listed on NYSE Arca, Inc., include T. Rowe Price
Blue Chip Growth ETF (ticker symbol: TCHP), T. Rowe Price Dividend
Growth ETF (ticker symbol: TDVG), T. Rowe Price Equity Income ETF
(ticker symbol: TEQI), and T. Rowe Price Growth Stock ETF (ticker
symbol: TGRW).
For the past three years, State Street has supported T. Rowe
Price in the development of service models and launch planning,
culminating in the funds’ public availability today.
“It’s great to see this partnership continue to evolve and grow
over the years. We’re excited to now use our expertise in ETF
servicing for T. Rowe Price to make sure its investors and
portfolio managers are given a best-in-class experience in this
market sector,” said Frank Koudelka, Global ETF Product Specialist
at State Street.
As part of the agreement, State Street will provide services
including basket creation, dissemination, settlement, custody, fund
accounting, order-taking, financial reporting, performance and
investment analytics and transfer agency services to T. Rowe
Price’s suite of funds.
T. Rowe Price was the first investment manager to create and
file with the Securities and Exchange Commission (SEC) for a model
that allows ETFs to be actively managed while it also protects the
intellectual property of the funds’ investment management process.
The model underlying T. Rowe Price’s ETFs includes high-quality
intraday pricing signals developed in consultation with market
makers.
“As investor needs and expectations continue to evolve, we want
to provide additional choice through active ETFs. We are excited to
work with State Street in the delivery of active ETFs supported by
the highest level of service,” said Tim Coyne, head of ETFs for T.
Rowe Price.
State Street has serviced ETFs since its inception more than
twenty years ago. Today, the firm is the largest global ETF
servicer, servicing close to 70% of US ETF assetsi, and is the only
provider serving all major ETF regions.
About State Street Corporation
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 $33.52 trillion in assets
under custody and/or administration and $3.05 trillion* in assets
under management as of June 30, 2020, State Street operates
globally in more than 100 geographic markets and employs
approximately 39,000 worldwide. For more information, visit State
Street's website at www.statestreet.com.
* Assets under management as of June 30, 2020 includes
approximately $67 billion of assets with respect to which State
Street Global Advisors Funds Distributors, LLC (SSGA FD) serves as
marketing agent; SSGA FD and State Street Global Advisors are
affiliated.
© 2020 State Street Corporation - All Rights Reserved
Expiration Date: September 30, 2021
3174369.1.1.GBL.RTL
iStatistics compiled using ETFGI’s ETF Monthly Insights as-of
March 2020 and State Street’s internal research
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version on businesswire.com: https://www.businesswire.com/news/home/20200805005787/en/
Brendan Paul Bpaul2@statestreet.com +1 401 644 9182
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