net added one million mutual fund shareowner accounts in the first quarter of 2010, thanks largely to a 3.9 million increase in the number of mutual fund subaccounts it works with. That's one of the tidbits the Kansas City, Missouri-based firm revealed
yesterday in its Q1 2010 earnings report.
Of the increase in subaccounts, 3.4 million came from conversions from DST's registered mutual fund shareowner accounts.
Meanwhile, DST's companywide layoff plan is underway. In February DST confirmed that it plans to eliminate seven percent of its workforce this year, saving $67 million and paying out $21 million in termination benefits. By the end of Q1, DST had completed half of those layoffs. It's not clear how the layoffs impact its financial services unit, which includes the mutual fund account business.
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