State Street Corp. and Boston Financial Data Services, its joint venture with DST Systems Inc. that provides transfer agency services, were selected to provide investment services to Fifth Third Funds.
State Street said last week that it will provide fund accounting, fund administration, custody, and securities lending services for First Third Bancorp's family of 31 mutual funds, which have $13 billion of assets. Boston Financial will provide transfer agency and shareholder record keeping for the funds.
Boston Financial's appointment reflects Fifth Third's plans to market its funds through external distribution channels, expanding beyond its branch-office distribution network, State Street said.
Fifth Third Asset Management, the fund arm's immediate parent, had $22 billion of assets under management on Sept. 30. State Street had $15.3 trillion of assets under custody and $2 trillion under management at yearend.
