Firms also announce renewal of long-standing back office agreement for Harbor’s mutual funds
BOSTON, October 07, 2021--(BUSINESS WIRE)--State Street Corporation (NYSE:STT) today announced that it has been appointed as the back office servicing agent for Harbor Capital Advisors’ first actively managed fully transparent fixed income ETFs that were launched in September in the U.S. The two funds are the Harbor Scientific Alpha Income ETF (SIFI), and the Harbor Scientific Alpha High-Yield ETF (SIHY).
As part of the agreement, State Street will provide various ETF servicing solutions including basket creation, dissemination and settlement, custody, fund accounting, N-PORT production, order-taking and transfer agency.
"To support the launch of Harbor’s two ETFs, State Street used its deep experience in the market to educate the Harbor team regarding the idiosyncrasies of ETFs and guide the firm to industry best practice, resulting in a successful launch," said Frank Koudelka, global ETF Product Specialist at State Street. "State Street’s deep ETF expertise along with our consultative approach and integrated global technology have laid the groundwork for Harbor’s ETF growth strategy."
"We are thrilled to extend our long-term partnership with State Street to bring the first of several active transparent ETFs to the marketplace. As State Street continues to be an industry leader in the ETF space, we believe they are positioned well to support our goals of bringing more compelling ETF investment solutions to our clients," commented Steve Cook, Harbor Managing Director and Head of ETFs.
State Street and Harbor have a long-standing partnership in the back office, as Harbor has been a client for over 30 years. In addition to the recent expansion into ETF servicing, State Street continues to provide custody, fund accounting and N-PORT on $58B assets under custody administration.
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 $42.6 trillion in assets under custody and/or administration and $3.9 trillion* in assets under management as of June 30, 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 June 30, 2021 includes approximately $64 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.
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Harbor is dedicated to helping clients achieve investment objectives with an active, cost-aware investing approach. For more than 30 years, our investment team has served as a guide for clients, developing portfolio strategies based on rigorous research and market analysis; sourcing elite specialized talent and curating deep insights in each asset class; with ongoing evaluation of investment solutions to ensure that decisions remain in the best interests of our clients. Headquartered in Chicago, Harbor Capital Advisors had total assets under management of approximately $66 billion as of August 31, 2021.
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