State Street Bolsters Global Relationship with Aberdeen Standard Investments By Servicing ETF Funds

Rhea-AI Summary

State Street Corporation (NYSE: STT) has expanded its partnership with Aberdeen Standard Investments (ASI) by servicing two of ASI's ETF funds. This transition aims to enhance cost control and operational efficiencies. Frank Koudelka, from State Street, emphasized the firm’s leadership in the ETF space, which will support ASI's expansion efforts. State Street's comprehensive back-office services include custody and fund administration for ASI's fund range in the U.S. and Canada, reflecting a deeper collaboration as ASI regards State Street as a strategic partner.

Positive

• Expansion of partnership with Aberdeen Standard Investments.
• State Street appointed as service provider for two ETF funds, enhancing operational efficiencies.
• Strengthens State Street's position in the ETF servicing market.

Negative

• None.

State Street Corporation (NYSE: STT) today announced an expansion of its relationship with Aberdeen Standard Investments (ASI) by being appointed the service provider for two of the firm’s ETF funds. These two ETF funds have converted from being serviced by another provider to State Street in order to better control costs and maximize efficiencies.

“Our growing relationship with Aberdeen Standard Investments underscores State Street’s differentiated leadership in the ETF space,” said Frank Koudelka, global ETF product specialist at State Street. “State Street’s innovative approach to ETF servicing will empower Aberdeen to not only expand its ETF franchise domestically and globally, but also create new efficiencies through provider consolidation.”

This milestone builds on State Street’s reappointment as ASI’s complete back-office servicing provider which includes global custody, accounting and fund administration for ASI’s fund ranges in the United States and Canada. Through the conversion of the two ETF funds, State Street will now provide the full scope of ETF servicing, including custody, fund accounting, basket creation/settlement, order-taking, transfer agency and regulatory reporting to ASI.

“We view State Street as not only a service provider, but as a partner, because of its industry leadership and demonstrated expertise in servicing ETFs,” said Chris Demetriou, CEO-UK, EMEA & Americas at Aberdeen Standard Investments. “We are pleased to continue to grow our partnership with State Street through their support of our ETF franchise.”

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 $40.3 trillion in assets under custody and/or administration and $3.6 trillion* in assets under management as of March 31, 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 March 31, 2021 includes approximately $60 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

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Expiration date: 12/31/2021

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FAQ

What is the significance of State Street's relationship with Aberdeen Standard Investments?

State Street's expanded partnership with Aberdeen Standard Investments enhances its service offerings in the ETF space, indicating a strong market position.

What services will State Street provide to Aberdeen Standard Investments?

State Street will provide comprehensive ETF servicing including custody, fund accounting, and regulatory reporting for ASI's two ETF funds.

How does the partnership impact State Street's market position?

The partnership reinforces State Street's leadership in ETF servicing, facilitating ASI's growth and efficiency.

What assets does State Street manage as of March 31, 2021?

As of March 31, 2021, State Street manages approximately $3.6 trillion in assets and has $40.3 trillion in assets under custody and administration.