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Rating:DST Suffers Expected MF Accounts Losses Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, October 27, 2010

DST Suffers Expected MF Accounts Losses

Reported by Hung Tran

DST Systems, Inc. reported that total mutual fund shareowner accounts serviced fell by 9 million accounts or 7.2 percent last quarter to 115.9 million accounts on September 30.

Registered accounts and subaccounts serviced at the end of September were 103.0 million and 12.9 million, respectively. Registered accounts decreased 4.3 million or four percent and subaccounts decreased 4.7 million or 26.7 percent from June 30, 2010.

"As previously announced, a client with approximately five million subaccounts terminated its processing contract in connection with a corporate merger and deconverted to a non-DST subaccounting platform during third quarter 2010," the company said.

"DST received a termination payment of approximately $10.4 million ($9.1 million was recorded in Financial Services and $1.3 million was recorded in Output Solutions) and incurred approximately $1.6 million of costs in connection with the contract termination, resulting in a $8.8 million net pretax gain associated with this event."  

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