First Data Corp.'s mutual fund and retirement services arm has bought a software business unit that handles record keeping for more than one million pension plan participants in the United States.

First Data Investor Services Group of Westborough, Mass., announced Tuesday that it had bought the WyStar software unit from Watson Wyatt Worldwide of Bethesda, Md.

Terms were not disclosed.

First Data gets intellectual property rights in the deal and will retain all development and maintenance staff, the company said.

Investor Services Group administers accounts with total assets in excess of $600 billion. It provides mutual fund and retirement services to banks, investment advisory firms, mutual fund complexes, insurance companies, broker-dealers, and benefits consultants.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.