DST Plans $20M in Cost Cuts Following BFDS Buyout

Mar 30, 2017

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.

To read the full article in Ignites, click here.

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