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Rating:DST Reports a Dip in MF Shareholder Accounts Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, February 08, 2011

DST Reports a Dip in MF Shareholder Accounts

Reported by Hung Tran

DST Systems yesterday said in a filing that the total number of mutual fund shareowner accounts serviced at the end of December 2010 decreased by 2.2 million accounts or 1.9 percent from September 30, 2010 to 113.7 million accounts, and decreased 7.4 million accounts or 6.1 percent from December 31, 2009.

The company also said the number of registered accounts decreased 3.6 million or 3.5 percent and subaccounts increased 1.4 million or 10.9 percent from September 30, 2010. For the year ended December 31, 2010, registered accounts decreased 10.5 million accounts or 9.6 precent and subaccounts increased 3.1 million accounts or 27.7 percent.

In addition, DST said it received new client commitments of 200,000 registered accounts that are expected to convert in the second quarter 2011. "When combined with previously announced client commitments, the Company expects approximately 300,000 registered accounts to convert in 2011," it said.

"As previously announced, an existing subaccounting client with approximately 600,000 subaccounts intends to terminate its processing contract in connection with a corporate merger and convert to a non-DST subaccounting platform in first quarter 2011." 

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