State Street and Boston Financial Data Services—a joint venture of State Street and DST System—have been selected by Fifth Third Funds, the mutual fund arm of Fifth Third Asset Management (FTAM), to provide a full range of investment services.
State Street will provide fund accounting, fund administration, custody and securities lending services for US$13 billion in assets, and Boston Financial will provide transfer agency and shareholder recordkeeping for FTAM’s family of 31 mutual funds.
“State Street and Boston Financial offered an integrated solution that will help us yield administrative and operational advantages,” says Richard Ille, managing director of products and marketing at FTAM. “Both companies’ reputation for reliability, knowledgeable client service teams, as well as the scalability of their services delivery, will help us manage our growth.”
State Street is the leading provider of fund accounting in the United States, servicing more than 40% of the mutual fund industry, and is the largest contributor of mutual fund net asset values to Nasdaq.
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