State Street, a custodian and fund administrator, has announced that ETF assets under its administration have exceeded $2 trillion.

As of the end of January 2017, State Street is responsible for over $2tn in ETF assets under administration.

The Boston-headquartered bank services 55% of the global industry’s ETF and ETP assets, according to analysis from ETF industry consultant ETFGI (as of 31 January 2017).

Its biggest client iShares, the world’s largest ETF issuer, accounts for most of the assets.

“Clients continue to bring their business to State Street because of our commitment to the exchange-traded product structure, our ongoing investment in our proprietary, core platform and our scale,” said Frank Koudelka, senior vice president at State Street.

“We continue to make tremendous investments in servicing the ETF structure, which in turn allows us to quickly and seamlessly support the launch of innovative products for our clients.”

State Street’s fund servicing and administration division has been at the forefront of industry developments in previous years, providing several innovations which have served to enhance market efficiency.

Notable milestones include launching the first international security structure ETF, enabling trading across Europe with centralized settlement via Euroclear; launching the first actively-managed ETF to include trade date derivatives in basket; and developing cash in lieu (CIL) trading services, enabling ETF sponsors to outsource trade execution for any CIL securities to State Street’s agency-only broker.

More recently, it has enhanced its platform to enable the calculation of creation and redemption variable fees in tiers to meet the requirements of NextShares products; and developing a partnership with Bloomberg to provide an enhanced technology automating fixed income creation / redemption process.

State Street is the parent company of State Street Global Advisors, the asset management company behind the SPDR range of ETFs.