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08.03.2005 15:09:00
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State Street Awarded $224 Billion Investment Servicing Mandate For Ban
State Street Awarded $224 Billion Investment Servicing Mandate For Bank of America's Columbia Management Group Factors in Appointment Include Ability to Provide Integrated Suite of Investment Services and Proven Performance
State Street Corporation (NYSE:STT), the world's leading provider of services to institutional investors, announced today that it has been appointed to provide investment operations services to the fund complexes of Columbia Management Group (Columbia Management), Bank of America's asset management arm (NYSE: BAC). The move follows Bank of America's acquisition last year of FleetBoston Financial and expands State Street's existing relationship with Columbia Management as service provider for their funds.
State Street will provide custody, fund accounting, and financial reporting for $224 billion of Columbia Management's assets including the Columbia, Nations, Acorn and Galaxy Funds and other managed assets. Boston Financial (BFDS), a joint venture of State Street and DST Systems, Inc. and a leading provider of automated shareholder recordkeeping for mutual fund management companies, has been selected to provide transfer agency services to the funds. The selections are contingent upon completion of final contractual agreements.
"This is another important milestone for the mutual fund industry in Boston," said Jay Hooley, executive vice president and head of global investment services for State Street. "State Street was appointed to service the first-ever mutual fund launched in 1924 and today we stand ready to support Columbia Management as Bank of America embarks upon one of the largest fund integrations in the industry's history. We are delighted to expand our existing relationship with them and we look forward to building a rich history together."
This new mandate builds on State Street's existing relationship with Columbia Management during which it has successfully supported more than 50 fund mergers, 190 accounting conversions and 127 custody conversions, over the past four years.
As part of the mandate, approximately 100 positions will be created comprising approximately 40 in fund accounting and custody at State Street and approximately 60 in transfer agency at BFDS.
"State Street and BFDS were selected on the basis of several critical factors," said Christopher L. Wilson, Columbia Management's head of mutual funds. "Columbia Management sought a fully integrated transfer agency, custodial services and fund accounting platform. State Street and BFDS are uniquely positioned to provide what we need," he explained. "Reducing the number of vendors allows us to capitalize on efficiencies, build consistent internal controls and manage risk more effectively. Ultimately, this will improve the quality of service that we provide to our shareholders."
State Street is the leading provider of fund accounting in the United States, servicing more than 40 percent of the mutual fund industry, and is the largest contributor of mutual fund NAV's to NASDAQ. In 2004, State Street was named "Best Global Custodian for North American Mutual Fund Managers" and "Best North American Sole Custodian" in Global Investor magazine's 2004 Global Custody Survey. International Custody & Fund Administration magazine also named State Street "European Mutual Fund Administrator of the Year" in its 2005 European Custody and Fund Administration Awards.
State Street Corporation (NYSE: STT) is the world's leading specialist in providing institutional investors with investment servicing, investment management and investment research and trading. With $9.5 trillion in assets under custody and $1.4 trillion in assets under management, as of December 31, 2004, State Street operates in 25 countries and more than 100 markets worldwide. For more information, visit State Street's Web site at www.statestreet.com.
About BFDS
BFDS, a joint venture of State Street Corporation and DST Systems, Inc., is a leading provider of automated shareholder recordkeeping for mutual fund management companies. Over the past 30 years, BFDS has built its position as the largest mutual fund transfer agent in the United States, and today employs nearly 2,600 individuals and serves a client base of over 21 million shareholder accounts.
About DST
DST Systems, Inc. provides sophisticated information processing and computer software services and products that help clients improve productivity, increase efficiencies, and provide higher levels of customer service. DST is organized domestically and internationally into three operating segments: Financial Services, Customer Management, and Output Solutions. DST operates one of the most advanced data centers in the world, which provides information-processing services to support the products within each operating segment. These products are further enhanced through the integration of DST's advanced technology and e-commerce solutions.
About Columbia Management
Columbia Management, based in Boston, MA, is the primary asset management organization of Bank of America. Columbia Management offers products in every major asset class and investment style to both individual and institutional investors. With over $330 billion in assets under management, Columbia Management' is focused on delivering strong investment performance and superior client service. (Assets as of December 31, 2004)
About Bank of America
Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company provides unmatched convenience in the United States, serving 33 million consumer relationships with more than 5,800 retail banking offices, more than 16,700 ATMs and award-winning online banking with more than twelve million active users. Bank of America is the No. 1 overall Small Business Administration (SBA) lender in the United States and the No. 1 SBA lender to minority-owned small businesses. The company serves clients in 150 countries and has relationships with 98 percent of the U.S. Fortune 500 companies and 85 percent of the Global Fortune 500. Bank of America Corporation stock (ticker: BAC) is listed on the New York Stock Exchange.
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Business Editors
BOSTON--(BUSINESS WIRE)--March 8, 2005--
State Street Corporation (NYSE:STT), the world's leading provider of services to institutional investors, announced today that it has been appointed to provide investment operations services to the fund complexes of Columbia Management Group (Columbia Management), Bank of America's asset management arm (NYSE: BAC). The move follows Bank of America's acquisition last year of FleetBoston Financial and expands State Street's existing relationship with Columbia Management as service provider for their funds.
State Street will provide custody, fund accounting, and financial reporting for $224 billion of Columbia Management's assets including the Columbia, Nations, Acorn and Galaxy Funds and other managed assets. Boston Financial (BFDS), a joint venture of State Street and DST Systems, Inc. and a leading provider of automated shareholder recordkeeping for mutual fund management companies, has been selected to provide transfer agency services to the funds. The selections are contingent upon completion of final contractual agreements.
"This is another important milestone for the mutual fund industry in Boston," said Jay Hooley, executive vice president and head of global investment services for State Street. "State Street was appointed to service the first-ever mutual fund launched in 1924 and today we stand ready to support Columbia Management as Bank of America embarks upon one of the largest fund integrations in the industry's history. We are delighted to expand our existing relationship with them and we look forward to building a rich history together."
This new mandate builds on State Street's existing relationship with Columbia Management during which it has successfully supported more than 50 fund mergers, 190 accounting conversions and 127 custody conversions, over the past four years.
As part of the mandate, approximately 100 positions will be created comprising approximately 40 in fund accounting and custody at State Street and approximately 60 in transfer agency at BFDS.
"State Street and BFDS were selected on the basis of several critical factors," said Christopher L. Wilson, Columbia Management's head of mutual funds. "Columbia Management sought a fully integrated transfer agency, custodial services and fund accounting platform. State Street and BFDS are uniquely positioned to provide what we need," he explained. "Reducing the number of vendors allows us to capitalize on efficiencies, build consistent internal controls and manage risk more effectively. Ultimately, this will improve the quality of service that we provide to our shareholders."
State Street is the leading provider of fund accounting in the United States, servicing more than 40 percent of the mutual fund industry, and is the largest contributor of mutual fund NAV's to NASDAQ. In 2004, State Street was named "Best Global Custodian for North American Mutual Fund Managers" and "Best North American Sole Custodian" in Global Investor magazine's 2004 Global Custody Survey. International Custody & Fund Administration magazine also named State Street "European Mutual Fund Administrator of the Year" in its 2005 European Custody and Fund Administration Awards.
State Street Corporation (NYSE: STT) is the world's leading specialist in providing institutional investors with investment servicing, investment management and investment research and trading. With $9.5 trillion in assets under custody and $1.4 trillion in assets under management, as of December 31, 2004, State Street operates in 25 countries and more than 100 markets worldwide. For more information, visit State Street's Web site at www.statestreet.com.
About BFDS
BFDS, a joint venture of State Street Corporation and DST Systems, Inc., is a leading provider of automated shareholder recordkeeping for mutual fund management companies. Over the past 30 years, BFDS has built its position as the largest mutual fund transfer agent in the United States, and today employs nearly 2,600 individuals and serves a client base of over 21 million shareholder accounts.
About DST
DST Systems, Inc. provides sophisticated information processing and computer software services and products that help clients improve productivity, increase efficiencies, and provide higher levels of customer service. DST is organized domestically and internationally into three operating segments: Financial Services, Customer Management, and Output Solutions. DST operates one of the most advanced data centers in the world, which provides information-processing services to support the products within each operating segment. These products are further enhanced through the integration of DST's advanced technology and e-commerce solutions.
About Columbia Management
Columbia Management, based in Boston, MA, is the primary asset management organization of Bank of America. Columbia Management offers products in every major asset class and investment style to both individual and institutional investors. With over $330 billion in assets under management, Columbia Management' is focused on delivering strong investment performance and superior client service. (Assets as of December 31, 2004)
About Bank of America
Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company provides unmatched convenience in the United States, serving 33 million consumer relationships with more than 5,800 retail banking offices, more than 16,700 ATMs and award-winning online banking with more than twelve million active users. Bank of America is the No. 1 overall Small Business Administration (SBA) lender in the United States and the No. 1 SBA lender to minority-owned small businesses. The company serves clients in 150 countries and has relationships with 98 percent of the U.S. Fortune 500 companies and 85 percent of the Global Fortune 500. Bank of America Corporation stock (ticker: BAC) is listed on the New York Stock Exchange.
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CONTACT: State Street Corporation Hannah Grove, 617-664-3377 or State Street Corporation Carolyn Cichon, 617-664-8672
KEYWORD: MASSACHUSETTS INTERNATIONAL CANADA INDUSTRY KEYWORD: BANKING MARKETING AGREEMENTS SOURCE: State Street Corporation
Copyright Business Wire 2005
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