State Street and Boston Financial to Provide Full Range of Investment Services to Fifth Third Funds
February 07 2008 - 11:30AM
Business Wire
State Street Corporation (NYSE: STT), the world�s leading provider
of financial services to institutional investors, and Boston
Financial Data Services, a joint venture of State Street and DST
Systems, Inc. and a leading provider of transfer agency services to
the mutual fund industry, today announced that they have been
selected by Fifth Third Funds, the mutual fund arm of Fifth Third
Asset Management, Inc. (FTAM) to provide a full range of investment
services. State Street will provide fund accounting, fund
administration, custody and securities lending services for $13
billion in assets, and Boston Financial will provide transfer
agency and shareholder recordkeeping for FTAM�s family of 31 mutual
funds. �State Street and Boston Financial offered an integrated
solution that will help us yield administrative and operational
advantages,� said Richard Ille, managing director of products and
marketing at FTAM. �Both companies� reputation for reliability,
knowledgeable client service teams, as well as the scalability of
their services delivery, will help us manage our growth.� �Our
customers continue to benefit from our ability to assume a wide
range of services for their business,� said Alan Greene, executive
vice president of State Street�s US mutual fund servicing business.
�As our customers continue to seek trusted providers they can
partner with for a variety of solutions, we remain committed to
providing excellent service for their growing needs. We are excited
to establish this new relationship with FTAM as they continue to
build their business.� Boston Financial�s appointment reflects
FTAM�s plans to market its Fifth Third mutual funds through
external distribution channels, expanding beyond its current
branch-office distribution network. Boston Financial will provide
services including access to a suite of intermediary applications
such as DST Vision� a leading web-based account management tool for
financial intermediaries. �The combination of people, systems and
technology that we provide positions us to meet changing business
needs in the mutual fund industry,� said Terry Metzger, chief
operating officer of Boston Financial. �We look forward to helping
Fifth Third to successfully expand its distribution network.� State
Street is the leading provider of fund accounting in the United
States, servicing more than 40 percent of the mutual fund industry,
and is the largest contributor of mutual fund NAVs to NASDAQ. About
Fifth Third Asset Management, Inc. (FTAM) FTAM is an investment
adviser registered under the Investment Advisers Act of 1940. FTAM
is a diversified asset management firm providing�investment
advisory services to institutional investors, private accounts,
and�mutual funds offering value, growth, core, and quantitative
equity strategies as well as short-term, intermediate, and core
fixed income and specialty income strategies. FTAM is headquartered
in Cincinnati, Ohio with offices in Grand Rapids, Michigan;
Cleveland, Ohio; Minneapolis, Minnesota; Pittsburgh, Pennsylvania;
and New York, New York. As of September 30, 2007 FTAM had over $22
billion in assets under management. About State Street State Street
Corporation (NYSE: STT) is the world's leading provider of
financial services to institutional investors including investment
servicing, investment management and investment research and
trading. With $15.3 trillion in assets under custody and $2
trillion in assets under management at December 31, 2007, State
Street operates in 26 countries and more than 100 geographic
markets worldwide. For more information, visit State Street�s web
site at www.statestreet.com. About Boston Financial For more than
30 years, Boston Financial Data Services has provided third-party
transfer agency and intermediary services to the mutual fund
industry. Boston Financial was founded in 1973 as a unique
partnership between two of the leading forces in the mutual fund
business � DST Systems, Inc. of Kansas City and State Street Bank
and Trust Company of Boston. For more information please visit the
Boston Financial website at www.bostonfinancial.com. An investor
should consider the fund�s investment objectives, risks, and
charges and expenses carefully before investing or sending money.
This and other important information about the investment company
can be found in the fund�s prospectus. To obtain a prospectus,
please call 1-800-282-5706 or visit www.fifththirdfunds.com. Please
read the prospectus carefully before investing. Fifth Third Funds
are distributed by FTAM Funds Distributor, Inc. Fifth Third Asset
Management, Inc. serves as Investment Adviser to Fifth Third Funds
and receives a fee for its services. Richard Ille is a registered
representative of FTAM Funds Distributor, Inc. FTAM Funds
Distributor, Inc. is not affiliated with State Street or Boston
Financial.
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