QUINCY, Mass., Feb. 6, 2014 /PRNewswire/ -- Boston Financial
Data Services, Inc., a premier provider of outsourcing services to
the asset management industry, today announced an agreement with
Keane, one of the nation's leaders in unclaimed property
communications, compliance, and consulting services, to jointly
deliver a comprehensive unclaimed property administration solution
to clients.
The offering expands Boston Financial's lineup of unclaimed
property services, which currently includes identifying property at
risk of escheatment, managing investor outreach and communication,
and performing the reporting and remittance tasks associated with
the escheatment process. (Escheatment is the process of identifying
financial accounts that are considered abandoned and remitting the
funds to the appropriate state if the customer cannot be contacted
to re-activate the account.)
Boston Financial clients will also have the opportunity to
access Keane's consulting services, including audit assistance and
support, compliance and risk analyses, and liability mitigation
programs.
According to Craig Hollis, a
Managing Director at Boston Financial, the alliance with Keane will
give Boston Financial clients access to advanced, discretionary
shareholder location searches that go beyond those that are
federally required.
"Asset managers are devoting more time and resources to
understanding and meeting their compliance obligations in the area
of unclaimed property," says Hollis. "Through our association with
Keane, we can help these firms better manage and satisfy their
federal and state requirements and help them preserve assets under
management by preventing unnecessary escheatment of shareholder
accounts."
Difficulties in complying with differing state rules along with
an increase in third-party audits are presenting serious challenges
to asset managers.
"Boston Financial's shareholder servicing capabilities perfectly
complement our suite of compliance and regulatory services," says
Nick Nichols, Chief Operating
Officer at Keane. "Through this alliance, asset managers will have
one-stop access to the most comprehensive set of unclaimed property
solutions available in the marketplace today."
About Boston Financial
Boston Financial Data Services is one of the industry's premier
outsourcing providers servicing the mutual fund and employer
retirement plans markets. Boston Financial is a joint venture
between DST Systems, Inc. of Kansas City,
MO., and State Street Corporation (NYSE: STT) of
Boston, MA. This joint venture has
enabled Boston Financial's clients to utilize DST's
industry-leading software and technology while benefiting from the
institutional support and global reach of State Street. For more
information on Boston Financial, visit www.bostonfinancial.com.
About Keane
Keane is the country's leading provider of comprehensive unclaimed
property solutions. From customized communication programs to
in-depth consulting and annual compliance outsourcing, Keane
provides corporations, mutual funds, banks, brokerages, insurance
companies, and transfer agents with a full suite of professional
services. Keane employs more than 190 people across the country in
its New York, NY headquarters,
main operating facility in King of
Prussia, PA, and various satellite offices. For more
information on Keane, please visit www.KeaneUP.com.
Media Contact Information:
Ann Marie Mierzykowski
Boston Financial Data Services, Inc.
617-483-8109
SOURCE Boston Financial