Federated Investors, Inc
) announced that the Metropolitan Custody Services Department of State Street Bank and Trust Company
, a wholly owned subsidiary of State Street Corporation
) has signed an agreement to use Federated TrustConnect, a full service clearing and information system designed specifically for bank trust and custody departments in the mutual fund industry.
"With the efficiency, accuracy and speed of the Federated TrustConnect system, plus access to a very extensive fund selection menu, we will be able to streamline and enhance the processing of mutual funds held by our high net worth custody clients," said Barry J. Keefe
, senior vice president at State Street.
"We developed TrustConnect as a powerful business solution to help customers like State Street increase transaction capacity and accuracy by automating steps in the clearing process, thus freeing resources within the department to do more valuable work," said Arthur L. Cherry
, president and ceo of Federated. "One of Federated's historic strengths has been to develop strategic products that add value to our clients by helping them to solve problems and grow their business profitability. Federated TrustConnect leverages our decades of experience with bank trust departments to provide another unique solution."
Federated launched its TrustConnect product in 1996 to provide fully
automated electronic clearing and settlement for bank trust departments trading mutual funds within multiple trust accounting systems. To date, 160 bank trust departments use the system to trade more than $8 billion in mutual fund assets.
"We believe we have the opportunity to sign up several hundred additional banks that can truly benefit from the automated work flow and information available through Federated TrustConnect," said Thomas P. Sholes
, vice president and director, Edgewood Services.
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