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State Street to service Charles Schwab ETFs

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State Street has been appointed by Charles Schwab to service its newly launched family of exchange-traded funds.

State Street will provide the eight new funds with custody, fund accounting, fund administration and transfer agency services.

State Street has provided Schwab with custody, fund accounting, fund administration and securities lending services since 2005.

"We appointed State Street as our service provider because they emerged as the clear leader for servicing our complex exchange-traded fund structures," says George Pereira, senior vice president of Charles Schwab Investment Management. "With the launch of our new funds, which carry industry-leading low expense ratios and free trade commissions at Schwab, we needed a service provider with scale and one that could dedicate resources to ensuring all of the needs of our fund structures were met."

"Investors continue to embrace ETFs for additional liquidity, risk management and global diversification for their investment portfolios," adds Alan Greene, executive vice president of State Street’s US investor services business. "We are delighted to expand our servicing relationship with Schwab and value the confidence they place in us to offer the best solution set for their new funds."

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