State Street Expands Thornburg Partnership for Active ETF Share Classes
Event summary
- State Street extends its 40-year partnership with Thornburg to support new active ETF share classes.
- Thornburg manages $57 billion in client assets as of March 31, 2026.
- This is only the second active ETF share-class servicing mandate in the US for State Street.
- State Street will provide comprehensive ETF servicing including custody, accounting, and reporting.
The big picture
This expansion underscores the growing trend of active managers seeking flexible product structures. State Street's role as a pioneer in ETF servicing is reinforced, particularly as Thornburg broadens access to its high-conviction strategies. The deal highlights the industry's shift toward hybrid fund structures that cater to diverse investor preferences.
What we're watching
- Active ETF Growth
- How the pace of active ETF share-class launches will affect State Street's market position.
- Operational Scalability
- Whether State Street can sustain its lead in ETF servicing as demand grows.
- Investor Demand
- The extent to which investors will adopt these new share classes over traditional mutual funds.
Related topics