has joined the ranks of fund companies turning to back office outsourcing. The company's switch to DST's transfer agent platform gives the company the option of adding loaded shares or a multi-class structure to its seventy offerings.
"The added flexibility opens the door for the potential of different types of relationships," said American Century spokesman Chris Doyle
, stressing that nothing is presently in the works. In fact, $40 billion of the company's $110 billion in investments is sold through intermediaries.
More importantly, however, the company is now on the same technological page as JP Morgan, which has an option to purchase a controlling stake in the fund firm. "We have a major strategic partner that's on the DST platform," confirmed Doyle.
By adopting the new system, American Century frees resources that had been dedicated to maintaining its proprietary system.
"You make a decision: do you want to be in the TA business or the investment business?" Doyle posited, echoing the sentiment of many companies. Approximately 900 employees presently working in account services and investor relations will continue doing so. "The changeover has had zero impact on staffing numbers," asserted Doyle. Nonetheless, he explained that about sixty IT employees are now available to work on further developing the company's internet presence.
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