BOSTON, Mass.--(BUSINESS WIRE)--Oct. 30, 2003--State Street
Corporation (NYSE: STT), the world's leading specialist in meeting the
needs of institutional investors, and DST Systems, a developer of
proprietary software systems for shareholder accounting and
recordkeeping services, today mark the 30 year anniversary of the
formation of Boston Financial Data Services (BFDS).
Co-founded in 1973, BFDS is a leading provider of automated
shareholder recordkeeping for mutual fund management companies. Over
the past 30 years, BFDS has built its position as the largest mutual
fund transfer agent in the United States, and today employs nearly
2,600 individuals and serves a client base of over 21 million
shareholder accounts.
"State Street applauds BFDS' 30 years of growth, expansion and
recognition as an established leader in the financial services
marketplace," said Jay Hooley, executive vice president of State
Street Corporation. "With the demand for quality shareholder services
becoming more and more critical as investment products become
increasingly complex, our clients value the unique relationship we
have developed with BFDS. We are proud to partner with the best in the
industry."
"The combination of State Street's investment services expertise
coupled with DST's technology capabilities helped build the foundation
for our tremendous growth," said Steve Towle, president of BFDS. "We
look forward to many more years of providing high quality service to
our clients."
In response to growing need for quality shareholder services
outside of the United States, State Street and DST introduced
International Financial Data Services (IFDS) in 1995. Since its
inception, IFDS has also experienced impressive growth and today has
expanded to over 1, 700 employees in three locations across the world,
supporting over 70 fund companies and managing over 13 million
accounts in ten countries. Recent mandates announced by IFDS include
Aviva Fund Services and Schroders.
"DST is proud of BFDS' accomplishments over the last 30 years and
our partnership with State Street. We look forward to the continuing
success at BFDS and the growth of IFDS," said Tom McCullough chief
operating officer of DST Systems and chairman of BFDS.
State Street Corporation (NYSE: STT) is the world's leading
specialist in providing sophisticated global investors with investment
servicing, investment management, research and analytics and trading
services. With $8.8 trillion in assets under custody and $965 billion
in assets under management, State Street operates in 23 countries and
over 100 markets worldwide. For more information, visit State Street's
web site at ww.statestreet.com
DST Systems, Inc. provides sophisticated information processing
and computer software services and products that help clients improve
productivity, increase efficiencies, and provide higher levels of
customer service. DST is organized domestically and internationally
into three operating segments: Financial Services, Customer
Management, and Output Solutions. DST operates one of the most
advanced data centers in the world, which provides
information-processing services to support the products within each
operating segment. These products are further enhanced through the
integration of DST's advanced technology and e-commerce solutions.
CONTACT: State Street CorporationHannah Grove, 617-664-3377
or
Carolyn Cichon, 617-664-8672
SOURCE: State Street Corporation