Charles Schwab has appointed State Street to service its newly-launched family of exchange-traded funds. State Street will provide the eight new funds with custody, fund accounting, fund administration and transfer agency services. State Street has provided Schwab with custody, fund accounting, fund administration and securities lending services since 2005.
"We appointed State Street as our service provider because they emerged as the clear leader for servicing our complex exchange-traded fund structures," said George Pereira, senior vice president of Charles Schwab Investment Management. "With the launch of our new funds, we needed a service provider with scale and one that could dedicate resources to ensuring all of the needs of our fund structures were met."
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