Short Takes: First Data Has Contract To Service Amro Funds

First Data Investor Services Group, a mutual fund processing company, has signed a contract to provide administrative services for ABN Amro's $2.8 billion fund complex, the Rembrandt Funds.

Hackensack, N.J.-based First Data began providing administration and distribution services for the funds last month and will add transfer services in May, said an ABN Amro spokesman.

He said the Chicago-based unit of the Dutch bank decided to switch from its previous provider, SEI Investments, because of First Data's superior technological capabilities.

First Data also recently signed up to process the mutual funds of IBJ Schroder Bank and Trust, a former Bisys Fund Services client. First Data administers more than $660 billion of assets.

"We have a lot of momentum in the marketplace right now, and we have a lot of conversations going on," said Jack P. Kutner, president of First Data.

Separately, SEI announced this week that it has reached an agreement to provide funds administration for San Francisco-based Charles Schwab & Co.'s proprietary equity funds, which account for $7 billion of assets. SEI has $95 billion of assets under administration.