BOSTON - Fidelity Investments has hooked up with a technology company to offer bank personal trust departments a sophisticated back-office accounting service.
The Boston-based mutual fund company said Tuesday it has formed an alliance with Broadway & Seymour, Charlotte, N.C., to provide record keeping and portfolio accounting for bank trust customers.
Fidelity has been making a continued push to become a dominant provider of mutual funds to bank trust departments. It recently beefed up its division that caters to that market.
The company hired two former bank trust department heads this summer, and it has begun offering its Fidelity Advisor funds, without sales charges, to bank trust departments.
Broadway & Seymour's Asset Management Services Group provides trust processing and related services to 15 of the top 50 banks.