Boston Financial Data Services (BFDS) is bracing for a round of cuts as DST Systems buys out the 50% stake in the business held by its longtime partner, State Street Corp.

BFDS supports more than $5 trillion in mutual fund assets, or about one third of assets industry wide, according to DST. Its largest competitors for third-party transfer agent work include BNY Mellon, U.S. Bancorp Fund Services, and UMB Fund Services. Like State Street, those competitors bundle the business with custody and other fund back-office work.

Non-bank TAs include DST record-keeping technology rival SunGard, which acquired the TA operations of Citi in 2015, and smaller boutique service providers such as Ultimus Fund Solutions.

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