State Street has been mandated to provide servicing for ETF share classes launched by Thornburg Investment Management, extending their existing relationship, states a press release.
Thornburg, which manages around US$57 billion in assets as of March 2026, launched its first active ETFs in January 2025. The ETF share-class structure is presented as an extension of that platform.
The mandate is described as only the second active ETF share-class servicing arrangement in the US with State Street as provider, indicating that the model remains at an early stage of adoption.
Operational scale
“Our role is to provide the operational scale and flexibility that allows clients to focus on investment outcomes,” says Donna Milrod, chief product officer at State Street.
Thornburg CEO Mark Zinkula comments: “Their deep experience across fund structures and their ability to support the full ETF lifecycle positions them well to help us meet evolving client needs.”
State Street already provides servicing across Thornburg’s broader fund range, including mutual funds, ETFs, closed-end funds and UCITS.
