State Street Corporation has announced that it has begun working with Putnam Investments on the servicing of the investment management firm’s first actively managed, semi-transparent exchange traded funds (ETF). Putnam leverages a proxy-based actively managed ETF model for the funds.
State Street continues to be an industry leader servicing over $5.5 trillion in ETF assets, which is close to 60% of global ETF AUM. Additionally, State Street remains committed to innovation, servicing close to 95% of assets for the U.S. semi-transparent active ETFs.1
Putnam Investments recently announced the debut of its first actively managed ETFs, which are based on four of the firm’s leading equity strategies. The new ETFs – Putnam Sustainable Leaders ETF (PLDR), Putnam Sustainable Future ETF (PFUT), Putnam Focused Large Cap Growth ETF (PGRO), and Putnam Focused Large Cap Value ETF (PVAL) – are listed on the New York Stock Exchange.
“State Street remains committed to providing industry-leading service for actively-managed ETFs as it continues to be a significant and rapidly-growing portion of the ETF market,” said Frank Koudelka, Global ETF Product Specialist at State Street. “We’re excited to collaborate with Putnam by supporting their first foray into the exchange traded fund marketplace.”
“In recently launching Putnam’s initial ETF offerings, our firm is addressing the changing needs of clients by delivering fundamentally-driven investment capabilities through this exciting new vehicle,” said Carlo N. Forcione, Putnam’s Head of Product and Strategy.
“Based on State Street’s distinguished position in the ETF ecosystem, we knew they were the right partner as we entered this important new market.” State Street currently provides back-office work, specifically accounting and custody services, to the Boston-based investment management firm, which has $200 billion in assets under management.