State Street has scored another major coup in the ETF sector, having been appointed as service provider for four recently launched T. Rowe Price active ETFs. 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. 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.
T. Rowe Price was the first investment manager to create, and file with the SEC, a model that allows ETFs to be actively managed while also protecting the intellectual property of the funds’ investment management process.
Tim Coyne, head of ETFs for T. Rowe Price, said: “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.”