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Rating:Wells Fargo Funds Taps New Back Office Not Rated 3.0 Email Routing List Email & Route  Print Print
Monday, May 20, 2002

$77 Billion Moves
Wells Fargo Funds Taps New Back Office

by: Sean Hanna, Editor in Chief

PFPC has landed the Wells Fargo Funds for its fund accounting services. The deal brings 96 fund portfolios with some $77 billion in assets to the unit of PNC Financial Services. The firms did not disclose any terms of the contract. Custom Financial had been the fund accountant for the bank funds. Boston Financial Data Services (BFDS) remains the transfer agent for the fund family according to a spokesperson for Wells Fargo.

Under the contract PFPC will provide Wells Fargo with fund accounting services for a variety of fund types including master/feeder, fund of funds, variable trust funds and others, said the companies said Stephen M. Wynne, executive vice president and chief operating officer, PFPC.

"Through our extensive review, PFPC demonstrated clear leadership in the fund accounting industry through their advances in technology, experienced staff and well-established and efficient processes," said Karla Rabusch, senior vice president and chief administrative officer of Wells Fargo Funds Management. "We are eager to leverage PFPC's capability to customize a service model that will not only complement our current operational structure, but also position us for expected future growth."

PFPC currently provides fund accounting services for over 1,380 portfolios with assets of approximately $543 billion. PFPC now services more than $1.5 trillion in total assets.  

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