Making life easier and more efficient for the broker/dealer is often the name of the game. Along those lines, PFPC has launched PFPC-CBA, a cost basis accounting service, a spokesperson for the firm told the MutualFundWire.com. It is designed to calculate automatically gains and losses atthe time of redemption for broker-controlled accounts.

Brokers/dealers and other intermediaries will be able to track cost on transfers, fund mergers, share class rollovers, stock splits, and return of capital. The system also calculates wash sales and holding period adjustments. It is available online.

Eaton Vance, BlackRock Funds, and Strong Funds have all signed up for the new service. "We are focusing on distribution to our current client base at the moment," Mike DeNofrio, executive vice president and senior managing director of transfer division, told the MutualFundWire.com.

"The rep can report the data immediately to the investor as opposed to waiting for a report," the executive continued. "We can provide some customization as to how the CBA data is calculated, but there is not much we can do beyond that."

The offering can be incorporated with other PFPC products. "Our approach to building the functionality initially and the way we've built the subsystem environment has allowed us to bring this product to market very quickly," DeNofrio contended.

"In providing this new service, Eaton Vance is responding to a very real demand from broker dealers and their customers to provide cost basis information," added Jeffrey P. Beale, vice president and chief administrative officer at Eaton Vance Management. "Equally as important is PFPC's ability to offer online inquiry functionality to view shareholder information. This will significantly increase the efficiency and ease for broker-dealers seeking specific data."

PFPC-CBA is available to current clients and to potential new clients as a stand-alone package. 

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