QUINCY, Mass., Sept. 11, 2013 /PRNewswire/ -- Boston
Financial Data Services, Inc. (Boston Financial), a joint venture
of State Street Corporation (NYSE: STT) and DST Systems, Inc.
(NYSE: DST) announced today that it is expanding its compliance
solutions by entering the Blue Sky Administration business. The new
offering helps asset management firms manage their Blue Sky
requirements and includes preparation, filing and exemption
processing; as well as customized online reporting and sales
registration data.
Blue Sky laws are state securities laws that regulate the sale
of securities to protect investors from fraud. With omnibus
recordkeeping becoming more prevalent, compliance with Blue Sky
laws has become more cumbersome, increasing the likelihood of
penalties and expense for asset management firms. Since Boston
Financial is a transfer agent, the company has direct access to the
sales data, helping ensure clients' compliance with state
registrations as well as their eligibility for exemptions, which
can reduce registration costs.
Craig Hollis, AML Officer and a
Managing Director for Boston Financial, will lead the business.
Hollis, who brings 28 years of mutual fund experience and
previously managed a Blue Sky Administration business, commented:
"Blue Sky Administration service has always been a critical need
for clients in helping them comply with Blue Sky laws, but today
clients are also seeking a more integrated offering.
"Our all-inclusive service, combined with our direct access to
the sales data and experience in the compliance and intermediary
space provides the scale and expertise necessary to help clients
meet their Blue Sky needs. Our offering enables clients to achieve
greater efficiency, oversight, and integration, allowing them to
focus on their core business."
Blue Sky Administration aligns with other state mandated and
intermediary services that Boston Financial provides today. The
business, which Boston Financial transitioned from State Street,
combines Boston Financial's compliance team and State Street's Blue
Sky team providing for an integrated service solution.
"The move builds on our long-standing relationship with Boston
Financial," said Brenda Lyons,
Executive Vice President at State Street. "The combined talent and
experience of State Street's and Boston Financial's teams offer
clients the Blue Sky processing expertise across the service chain
- to add value, meet client needs, and optimize clients' business
requirements."
About Boston Financial
Boston Financial Data Services, Inc. is one of the industry's
premier outsourcing providers servicing the financial marketplace.
Founded in 1973, Boston Financial is a joint venture between DST
Systems, Inc. of Kansas City, MO., and State Street
Corporation of Boston, MA. The joint venture has enabled
Boston Financial's clients to use DST's industry-leading software
and technology while benefiting from the institutional support and
global reach of State Street. For more information,
visit www.bostonfinancial.com.
About State Street Corporation
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 $25.7
trillion in assets under custody and administration and
$2.1 trillion in assets under
management at June 30, 2013, State
Street operates in more than 100 geographic markets worldwide,
including the U.S., Canada,
Europe, the Middle East and Asia. For more information, visit State
Street's web site at www.statestreet.com.
Contact:
Ann Marie Mierzykowski
Boston Financial Data
Services, Inc.
617.483.8109
amierzykowski@bostonfinancial.com
SOURCE Boston Financial Data Services, Inc.