State Street Corp. has agreed to sell its unclaimed-property services division to Affiliated Computer Services Inc. of Dallas, which has provided information processing to the division for several years.
Terms of the agreement were not disclosed.
The sale would let State Street better focus on its core strategy of serving institutional investors worldwide, said Dale L. Carleton, vice chairman of the Boston-based holding company.
The division, which employs 70 people, has helped more than 7,000 corporations and institutions comply with unclaimed-property laws in the 50 states and other jurisdictions.
Unclaimed property is any financial asset that has not had any owner- generated activity for an extended period. The support services include initial compliance, annual reporting, securities custody, claims processing, and workflow management.
"This acquisition further enhances our financial and securities services business unit, as we continue to make targeted acquisitions in this market segment," said Jeff Rich, ACS president and chief operating officer.