Glenmede Trust, Philadelphia, has switched administrators for its family of 12 mutual funds.
Investment Company Capital Corp., a wholly owned subsidiary of Alex. Brown & Sons, Baltimore, replaced the Shareholder Services Group, a division of First Data Corp, Omaha.
An executive with Glenmede, which has $1.6 billion in proprietary fund assets, said it is Investment Company Capital's first banking client.
Cost savings and staff turnover at Shareholder Services contributed to the decision, the executive said, adding, "We're paying substantially lower fees."
Mellon Bank Corp. sold Shareholder Services to First Data after acquiring the Boston Co.,the administrator's previous parent. The ownership changes led to staff departures, and "we didn't feel the new group had the same depth," the Glenmede executive said.