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Rating:Account Drops Accelerate at a Fund Administrator Not Rated 5.0 Email Routing List Email & Route  Print Print
Thursday, April 30, 2009

Account Drops Accelerate at a Fund Administrator

by: Neil Anderson, Managing Editor

Fund outflows continue to pain DST Systems' mutual fund back office business. On Wednesday the Kansas City, Missouri-based firm unveiled its first quarter 2009 results, which included a 2.7 million reduction (i.e. 2.2 percent) in total fund shareowner accounts to 117.4 million on March 31, 2009, due to 2.1 million net account closures (i.e. fund investors who pulled out of particular funds) and about 600,000 account conversions to other platforms.

Yet DST sees good news on the horizon for the second quarter. The firm also revealed that its total fund accounts increased by 700,000 in the first 15 days of April alone.

DST's total fund accounts fell 1.5 percent in Q4 2008 (see MFWire, 1/29/2009). 

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