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State Street Appointed Service Provider for Neuberger Berman’s First Actively Managed Thematic ETFs

State Street and Neuberger Berman have partnered closely to prepare for the launch of Neuberger Berman’s initial series of Active ETFs

State Street Corporation (NYSE: STT) today announced that it has been appointed service provider by Neuberger Berman for the firm’s first actively managed exchange traded funds (ETFs). As part of the appointment, State Street is providing ETF basket services, custody, fund accounting, fund administration, order-taking and transfer agency services.

Neuberger Berman launched its first actively managed ETFs in April 2022. The three new ETFs will invest in companies related to the following distinct thematic megatrends: technology disruption, digitally connected consumers, and infrastructure-enabling decarbonization. Managed by Neuberger Berman, the ETFs are an extension of the firm’s thematic equity investment capabilities utilizing traditional fundamental equity research along with alternative data capabilities and consideration of material Environmental, Social and Governance (ESG) factors.

The funds are listed on the New York Stock Exchange as:

  • Neuberger Berman Connected Consumer ETF (NBCC)
  • Neuberger Berman Carbon Transition & Infrastructure ETF (NBCT)
  • Neuberger Berman Disrupters ETF (NBDS)

“It’s been tremendously rewarding to be working with Neuberger Berman on the launch of their first active ETFs,” said Frank Koudelka, global ETF product specialist at State Street. “Our team has a long history and strong relationship with Neuberger Berman. We are very pleased to see our partnership -- which focused on a consultative and educational approach – provided a foundation for their first move into active ETFs.”

“Neuberger Berman is pleased to be working alongside State Street, a consultative leader in the ETF industry, for the launch of these investment strategies,” said Patrick Lomelo, Global Head of Operations at Neuberger Berman. “Their impressive track record with ETFs made them the right partner as our firm enters this important new market.”

State Street continues to be an industry leader servicing over $6.1 trillion in ETF assets, which is close to 60% of global ETF AUM. Additionally, State Street services close to 70% of ETF AUM in the United States.i

About State Street Corporation

State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $41.7 trillion in assets under custody and/or administration and $4.0 trillion in assets under management as of March 31, 2022, State Street operates globally in more than 100 geographic markets and employs approximately 39,000 worldwide. For more information, visit State Street's website at

*Assets under management as of March 31, 2022 includes approximately $73 billion of assets with respect to SPDR® products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated.

About Neuberger Berman

Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages a range of strategies—including equity, fixed income, quantitative and multi-asset class, private equity, real estate and hedge funds—on behalf of institutions, advisors and individual investors globally. With offices in 25 countries, Neuberger Berman’s diverse team has over 2,500 professionals. For eight consecutive years, the company has been named first or second in Pensions & Investments Best Places to Work in Money Management survey (among those with 1,000 employees or more). In 2020, the PRI named Neuberger Berman a Leader, a designation awarded to fewer than 1% of investment firms for excellence in Environmental, Social and Governance (ESG) practices. The PRI also awarded Neuberger Berman an A+ in every eligible category for our approach to ESG integration across asset classes. The firm manages $447 billion in client assets as of March 31, 2022. For more information, please visit our website at


i Based on State Street internal research


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