MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Thursday, July 1, 2004 Federated Makes Fund Transfer Agency Switch Federated Investors made the move to outsource fund transfer agency service on Thursday. The fund firm announced their intention to award the contract to Boston Financial in February; Boston Financial began providing services effective Thursday. The move, which caps ten years of in-house trade processing, is the result of the firm "redefining our service model," said spokeswoman Meghan McAndrew. "[T]his arrangement allows Federated to concentrate on our core competencies-providing competitive investment results, powerful product distribution and top-quality customer service," said J. Christopher Donahue, president and chief executive officer of Federated Investors. As part of the move, 200 Boston-based Federated employees will join Boston Financial, and Federated will establish an internal liason group to communicate with Boston Financial. Federated anticipates a post-tax income of $0.01 to $0.02 per share for the first half of 2004 as a result of the move. Printed from: MFWire.com/story.asp?s=7533 Copyright 2004, InvestmentWires, Inc. All Rights Reserved |