State Street Corporation has been appointed by Avantis Investors, a new unit within American Century Investments, to provide a range of broad ETF services for its five newly launched low-cost funds.Services will include basket creation, custody, accounting, transfer agency and fund administration.Avantis Investors offers active investment strategies for investors in mutual fund and ETF formats. The five funds, launched in late September on NYSE Arca, are:
• Avantis US Equity ETF (AVUS)
• Avantis International Equity ETF (AVDE)
• Avantis Emerging Markets Equity ETF (AVEM)
• Avantis US Small Cap Value ETF (AVUV)
• Avantis International Small Cap Value ETF (AVDV)The five ETFs have had a very fast start, amassing more than $400 million in total assets through the end of October.“Our agreement with Avantis Investors underscores the scale and expertise of our ETF team and the power of our ETF servicing technology,” says Frank Koudelka, senior vice president & global ETF product specialist at State Street. “Our top priority is to provide strategic advice and partnership to our clients and we couldn’t be more excited to work with Avantis on their suite of low-cost ETFs.”“Our goal is to provide investors with active, transparent ETFs that are low cost and can help an individual meet their financial goals,” says Eduardo Repetto, Chief Investment Officer of Avantis Investors.“We are very pleased to extend our relationship with State Street and their experienced ETF servicing team to bring these strategies to market,” says Ed Rosenberg, Senior Vice President and Head of Exchange Traded Funds.State Street also announced recently that its ETF servicing business has been recognized as the Best ETF Custody Provider and the Best ETF Fund Administrator at the 2019 ETF Express USA awards.
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