Bank of America
is shifting its fund processing and administration services from five providers to just two -- State Street
and Boston Financial Data Services
(BFDS). State Street will provide fund accounting, custody and financial reporting for the $224 billion fund group, while State Street-joint venture BFDS will provide transfer agent services.
The decision marks another step of Bank of America's march to move its wealth management services to Boston. Bank of America will consolidate all of its previously separate fund processing and administration units (for Columbia, Nations and Galaxy and Acorn Funds) in Boston, reported Boston Globe
State Street and BFDS will add 100 positions to handle the mammoth mandate -- 60 in transfer agency and 40 in fund administration, the companies announced in a release
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