First National Bank's proprietary mutual fund line, First Focus Funds, turned to Jackson Fund Services as the new co-administrator of the $550 million fund family. First National Bank's former co-administrator was Citi Fund Services.

First Focus operates eight mutual funds.

Its contract with Jackson Fund Services took effect December 18, according to an SEC filing. Under the agreement, the Jackson National Asset management unit provides clerical, certain compliance, regulatory, accounting and other services.

"We were looking for a service partner with the ability to grow with us as we expand our product line and grow assets," said Stephen Frantz, senior managing director and CIO of First National Bank, in a news release on Monday. He cited Jackson's "technology, experience and service model" as among the factors that led to the decision.

First Focus also tapped Beacon Hill Fund Services to provide certain fund compliance services, anti-money laundering compliance services, and other consulting services.

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Company Press Release

CHICAGO--(BUSINESS WIRE)--Jackson Fund Services, a division of Jackson National Asset Management, LLC, a leading asset manager and third-party fund administrator, announced today that it has been selected to provide fund accounting and administrative services to First Focus Funds, the proprietary mutual fund family of First National Bank of Omaha, Nebraska. The change will allow First Focus Funds to concentrate on asset accumulation and product development, while managing overall costs. First Focus Funds are comprised of eight mutual funds with approximately $550 million in assets.

"We are delighted that First Focus Funds has selected Jackson Fund Services for their fund accounting and administration needs," said Mark Nerud, President of Jackson Fund Services. "The scale that we have achieved in our asset servicing group allows us to provide best-in-class service at a reasonable cost, which will enable First Focus Funds to focus on gathering assets and building out its product line."

"We were looking for a service partner with the ability to grow with us as we expand our product line and grow assets," said Stephen Frantz, Senior Managing Director and CIO of First National Bank, investment advisor of First Focus Funds. "Jackson Fund Services has the technology, experience and service model that we were looking for in an administrative services partner."

About Jackson Fund Services

Jackson Fund Services (JFS) is a division of Jackson National Asset Management, LLC, a wholly owned subsidiary of Jackson National Life Insurance Company® (Jackson®; www.jackson.com). JFS provides fund accounting and administrative services to insurance companies, banks and mutual fund clients. Currently, the company services 196 funds with more than $49 billion in assets under administration (as of September 30, 2009). For more information, visit www.jacksonfundservices.com.

About First Focus Funds

The First Focus Funds are the proprietary mutual fund complex of First National Bank, a subsidiary of First National of Nebraska, the largest privately owned banking company in the United States. First National and its affiliates have $19 billion in managed assets and 6,500 employees in 35 states. First Focus Funds is comprised of eight mutual funds with over $550 million in assets. For more information, visit www.firstfocusfunds.com.

 

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