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Rating:DST Loses 1.8 Million Accounts Net in Q4 Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, January 29, 2009

DST Loses 1.8 Million Accounts Net in Q4

by: Neil Anderson, Managing Editor

As fund firm continue to conduct layoffs thanks to the stock market decline and outflows, at least one one fund administrator is feeling the pain, too. On Wednesday DST revealed (inside its fourth quarter earnings report) that the number of mutual fund accounts it services fell 1.5 percent in the quarter to 120.1 million. DST aims to make up much of that drop in 2009.

"The Company anticipates that 1.1 million new registered accounts will be converted to TA2000 in 2009," the statement reads.

The Kansas City, Missouri-based firm did still see its fund account count rise year-over-year from 119.1 million on December 31, 2007 to 120.1 million on December 31, 2008. 

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