Charles Schwab has appointed State Street Corporation to service its new range of eight ETFs.
State Street will provide custody, fund accounting, fund administration and transfer agency services for the funds.
Charles Schwab Investment Management senior vice president George Pereira says: "We appointed State Street as our service provider because they emerged as the clear leader for servicing our complex exchange-traded fund structures."
He says Schwab's latest funds have low expense ratios and free trade commissions in Schwab accounts.
State Street says it currently services nearly half of all ETF assets worldwide. The firm also recently launched its latest publication on ETFs, outlining key themes and trends relevant to institutional investors across the industry.
State Street has $18.8trn in assets under custody and administration, and $1.9trn in assets under management at 31 December 2009.
First time in history
Hymans Robertson’ Guided Outcomes
Our weekly heads-up for advisers
More than £167,000 raised
Beware ‘temporary’ vulnerability