Transamerica Selects State Street and Boston Financial for Investment Servicing
March 11 2013 - 11:36AM
Business Wire
The State Street Corporation (NYSE: STT) (State Street) and
Boston Financial Data Services, Inc. (Boston Financial), a joint
venture of State Street and DST Systems, Inc., announced today that
they have been appointed by Transamerica Asset Management
(Transamerica) to provide a full range of investment services for
over $55.5 billion in assets.
In an expansion of a long-standing relationship, State Street
will provide Transamerica with a range of fund administration
services, including financial reporting, expense administration and
compliance monitoring. Boston Financial will begin a new
relationship by providing shareholder recordkeeping, investor and
intermediary servicing, and compliance services.
"We have enjoyed a very successful, strategic partnership with
State Street, so it was a natural choice when we sought a provider
for fund administration services that we had confidence in," said
Tom Swank, president and CEO, Transamerica Individual Savings &
Retirement. "Boston Financial has a strong reputation as a leading
solutions provider with a range of services that complements State
Street's offering. We look forward to working with Boston Financial
and State Street to further strengthen our overall operational
capabilities."
State Street currently serves as custodian and accounting agent
for Transamerica mutual funds.
"By leveraging our expertise, scale, and level of investment in
servicing the financial industry, Transamerica will be able to
focus on increasing the distribution of their funds," said Terry
Metzger, President and CEO at Boston Financial. "Expanding an
already successful outsourcing relationship can further improve
investment operations," said Alan Greene, executive vice president
of US investment services and institutional investor services at
State Street.
"With the addition of these new capabilities from both State
Street and Boston Financial, we look forward to helping
Transamerica generate greater efficiencies, better positioning them
to focus on meeting their growth objectives."
Other services to be provided by State Street include
performance reporting, tax administration and legal
administration.
About Transamerica Asset Management
Transamerica Asset Management (TAM) is the asset management
business unit of Transamerica. TAM consists of Transamerica Funds,
Transamerica Partners Funds, Transamerica Series Trust,
Transamerica Income Shares, Inc., and Transamerica Asset
Management, Inc., a registered investment advisor. TAM manages more
than $52.6 billion assets as of 9/30/12. TAM and its affiliate
companies are wholly owned by AEGON N.V., an international life
insurance, pension and asset management company.
About Boston Financial
For 40 years, Boston Financial Data Services, Inc. has provided
investor and intermediary services to the financial marketplace.
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, Mo., and State Street Corporation of
Boston, Mass. To learn more, please visit the Boston Financial
website at www.bostonfinancial.com.
About State Street
State Street Corporation (NYSE: STT) is one of the world's
leading providers of financial services to institutional investors
including investment servicing, investment management and
investment research and trading. With $24.4 trillion in assets
under custody and administration and $2.1 trillion in assets under
management at December 31, 2012, State Street operates in 29
countries and more than 100 geographic markets. For more
information, visit State Street’s web site at
www.statestreet.com.
This AUM includes the assets of the SPDR Gold Trust (approx.
$72.2 billion as of December 31, 2012), for which State Street
Global Markets, LLC, an affiliate of State Street Global Advisors,
serves as the marketing agent.
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