Bank of New York Mellon has lost VanEck Associates as a client of its servicing business for exchange-traded funds to rival State Street, people familiar with the matter said.

VanEck is consolidating its custody work, the people said. Based in New York, the firm manages more than $49 billion in assets. It isn’t known how much of that total will shift to State Street, which already serves as a custodian to some VanEck funds.