State Street Appointed Service Provider for Neuberger Berman First Actively Managed Thematic ETFs
State Street and Neuberger Berman have partnered closely to prepare for the launch of Neuberger Berman’s initial series of Active ETFs
State Street Corporation announced that it has been appointed service provider by Neuberger Berman for the firm’s first actively managed exchange traded funds (ETFs). As part of the appointment, State Street is providing ETF basket services, custody, fund accounting, fund administration, order-taking and transfer agency services.
Neuberger Berman launched its first actively managed ETFs in April 2022. The three new ETFs will invest in companies related to the following distinct thematic megatrends: technology disruption, digitally connected consumers, and infrastructure-enabling decarbonization. Managed by Neuberger Berman, the ETFs are an extension of the firm’s thematic equity investment capabilities utilizing traditional fundamental equity research along with alternative data capabilities and consideration of material Environmental, Social and Governance (ESG) factors.
The funds are listed on the New York Stock Exchange as:
- Neuberger Berman Connected Consumer ETF (NBCC)
- Neuberger Berman Carbon Transition & Infrastructure ETF (NBCT)
- Neuberger Berman Disrupters ETF (NBDS)
See related article: State Street Launches SPDR Nuveen Municipal Bond ESG ETF
“It’s been tremendously rewarding to be working with Neuberger Berman on the launch of their first active ETFs,” said Frank Koudelka, global ETF product specialist at State Street. “Our team has a long history and strong relationship with Neuberger Berman. We are very pleased to see our partnership — which focused on a consultative and educational approach – provided a foundation for their first move into active ETFs.”
“Neuberger Berman is pleased to be working alongside State Street, a consultative leader in the ETF industry, for the launch of these investment strategies,” said Patrick Lomelo, Global Head of Operations at Neuberger Berman. “Their impressive track record with ETFs made them the right partner as our firm enters this important new market.”
State Street continues to be an industry leader servicing over $6.1 trillion in ETF assets, which is close to 60% of global ETF AUM. Additionally, State Street services close to 70% of ETF AUM in the United States.
Source: State Street Corporation