State Street Corporation has expanded a servicing arrangement with VanEck to provide ETF services for some $40bn of the investment firm's client assets.
The deal includes back office services, including accounting and certain administration functions, for more than 60 VanEck funds.
Frank Koudelka, Global ETF product specialist at State Street, said: "We are pleased to build on our existing relationship with VanEck and announce this new servicing arrangement. 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."
John Crimmins, chief financial officer, Mutual Funds and ETFs, from VanEck, said: "State Street has long been considered a pioneer in the ETF servicing industry. We are confident that their technology, along with their dedicated staff that understands the ETF ecosystem, will enhance our ability to service shareholders and will allow us to focus on creating new and innovative ETFs."
State Street has also announced that it now services close to 70 percent of US ETF and exchange trade products (ETP) assets under management.