State Street Services Putnam Investments’ First Actively Managed, Semi-Transparent ETFs
August 11 2021 - 9:40AM
Business Wire
Relationship with Putnam Underscores State Street’s Commitment
to Servicing Innovative Product Models
State Street Corporation (NYSE: STT) today announced that it has
begun working with Putnam Investments on the servicing of the
investment management firm’s first actively managed,
semi-transparent exchange traded funds (ETF). Putnam leverages a
proxy-based actively managed ETF model for the funds.
State Street continues to be an industry leader servicing over
$5.5 trillion in ETF assets, which is close to 60% of global ETF
AUM. Additionally, State Street remains committed to innovation,
servicing close to 95% of assets for the U.S. semi-transparent
active ETFs.1
Putnam Investments recently announced the debut of its first
actively managed ETFs, which are based on four of the firm’s
leading equity strategies. The new ETFs – Putnam Sustainable
Leaders ETF (PLDR), Putnam Sustainable Future ETF (PFUT), Putnam
Focused Large Cap Growth ETF (PGRO), and Putnam Focused Large Cap
Value ETF (PVAL) – are listed on the New York Stock Exchange.
“State Street remains committed to providing industry-leading
service for actively-managed ETFs as it continues to be a
significant and rapidly-growing portion of the ETF market,” said
Frank Koudelka, Global ETF Product Specialist at State Street.
“We’re excited to collaborate with Putnam by supporting their first
foray into the exchange traded fund marketplace.”
“In recently launching Putnam’s initial ETF offerings, our firm
is addressing the changing needs of clients by delivering
fundamentally-driven investment capabilities through this exciting
new vehicle,” said Carlo N. Forcione, Putnam’s Head of Product and
Strategy. “Based on State Street’s distinguished position in the
ETF ecosystem, we knew they were the right partner as we entered
this important new market.”
State Street currently provides back-office work, specifically
accounting and custody services, to the Boston-based investment
management firm, which has $200 billion in assets under
management.
About Putnam Investments
Founded in 1937, Putnam Investments is a global money management
firm with over 80 years of investment experience. At the end of
July 2021, Putnam had $200 billion in assets under management.
Putnam has offices in Boston, London, Frankfurt, Tokyo, Singapore
and Sydney. For more information, visit putnam.com.
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 $42.6 trillion in assets
under custody and/or administration and $3.9 trillion* in assets
under management as of June 30, 2021, 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, 2021 includes
approximately $64 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.
© 2021 State Street Corporation - All Rights Reserved
3711171.1.1.GBL.RTL
1 Based on State Street internal research
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version on businesswire.com: https://www.businesswire.com/news/home/20210811005559/en/
Media Contact: State Street Brendan Paul
Bpaul2@statestreet.com +1 401 644 9182
Media Contact: Putnam Investments Jon Goldstein
jon_goldstein@putnam.com +1 617-760-1127
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