Comerica Bank's investment management unit has selected a unit of First Data Corp. to handle record-keeping and transfer-agency duties for the bank's proprietary mutual funds.
First Data's Shareholder Services Group, Boston, will provide the funds "a better opportunity for expansion" than was possible with the previous supplier, PFPC Inc., a unit of PNC Bank Corp., Pittsburgh, said Ann Putallaz.
She is mutual fund product manager for the bank's Woodbridge Capital Management investment unit.
Comerica, based in Detroit, serves as investment adviser to the Ambassador family of mutual funds.
The funds have more than $4 billion of assets spread across 16 portfolios.
Ms. Putallaz said the Shareholder Services unit will give the funds more opportunities for distribution through 401 (k) plans.
Shareholder Services only got into the mutual fund record-keeping and transfer agency business in the spring, by buying .the business from The Boston Co., a unit of Mellon Bank Corp.
Before the acquisition, Shareholder did administrative work for mutual funds, including the Ambassador funds.
Ms. Putallaz said the bank's previous relationship with First Data did not influence the unit's selection for the record-keeping and transfer agency contract.
First Data, of Hackensack, N.J., is computer services company known as the country's largest administrator of credit card accounts for card issuers.
