leveland-based National City
has tapped PFPC
to handle the back-office tasks for its 32 Armada Funds. The incumbent provider for the mandate was Wayne, Pennsylvania-based based SEI Investments
. Kathleen Barr
, senior vice president and managing director of Armada Funds Group, said PFPC won the mandate as based on its ability to help Armada meet its distribution goals.
"Our decision was based upon our distribution strategies which include an administrative service provider that we believe can help us attain our growth goals," she stated. She added that the Armada looked at roughly 10 outsourcers, or virtually the entire field, before selecting PFPC. Barrington Partners assisted Armada with the search.
"We wanted a bigger outsourcer," she explained. "PFPC has a really great story that not a lot of people know about. We found we had to draw it out from them, but are very comfortable with their capabilities." Armada was also impressed with PFPC's ability to customize its efforts for clients. "They took the time and make the effort to get to know us," said Barr. "I hate a cookie-cutter approach."
Armada also signed with Boston-based Cerulli Associates as a part of the deal. The consultant will help PFPC and Armada devise an overall distribution strategy that Armada's own staff can then implement, said Barr. She did confirm that Armada considered Bisys as part of the search. Bisys acquired Financial Research Corp. as part of an effort to offer a similar bundle to fund firms. "Bisys is also very good," agreed Barr.
The new deal is a multi-year arrangement. PFPC will provide distribution support services including platforms and technology, product strategy, campaign management and marketing support. It will also provide regulatory administration services.
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