Water Island Capital appointed State Street Corp. as servicing agent for its first exchange traded fund, State Street spokesman Brendan Paul confirmed.
State Street will service WIC's AltShares Merger Arbitrage ETF, which received regulatory approval and was seeded Wednesday and listed for trading Thursday.
State Street will provide services including basket creation, settlement, custody, fund accounting, electronic order-taking, financial reporting and transfer agency services to WIC.
State Street worked with WIC to develop the ETF.
Water Island Capital had $2.5 billion in assets under management as of Dec. 31.