State Street has expanded its servicing arrangement with VanEck, to provide exchange-traded fund (ETF) services for almost $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 administrative functions, for more than 60 VanEck funds.
John Crimmins, chief financial officer, mutual funds and ETFs, at VanEck, said that the new ETF servicing arrangement with State Street “will enhance our ability to service shareholders and will allow us to focus on creating new and innovative ETFs”.
Frank Koudelka, global ETF product specialist at State Street, added: “We continue to devote significant resources to servicing the ETF structure and continually seek to improve our proprietary, core platform as well as providing strategic advice to our clients.”
