State Street (STT) Expands Partnership With Thornburg to Support New ETF Share Classes

State Street Corporation (NYSE:STT) is one of the 8 Best Quality Stocks to Buy According to Hedge Funds. State Street Corporation (NYSE:STT) is one of the best quality stocks to buy according to hedge funds. On April 9, State Street Corporation announced the expansion of its nearly 40-year partnership with Thornburg Investment Management to support Thornburg’s new ETF share classes. State Street will provide end-to-end servicing, including custody, accounting, ETF basket creation, transfer agency, and create-and-redeem order management.

This mandate represents only the second active ETF share-class servicing arrangement in the US, positioning State Street as a leading enabler for asset managers seeking flexible ways to deliver active investment strategies. Thornburg, which is a global investment firm managing ~$57 billion in assets as of March 31, first partnered with State Street for its initial suite of active ETFs in January 2025. The transition to ETF share classes is a strategic move to meet increasing investor demand for diversified access to high-conviction equity and fixed-income strategies.

Donna Milrod, State Street’s chief product officer, highlighted that the firm’s operational scale allows clients to focus on investment outcomes while maintaining a seamless experience across different fund structures. This expansion solidifies State Street Corporation’s (NYSE:STT) status as the top global provider of ETF services, driving innovation for active managers in the US market.

State Street Corporation (NYSE:STT) provides financial products and services to institutional investors, including custody, accounting, and fund administration services for traditional and alternative assets, as well as trading, securities finance, and investment analytics solutions.

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