ST Systems has converted AIM Fund Services
' 5.5 million open accounts to its TA2000
recordkeeping platform, its largest system transfer to date. DST says the move also represents one of the largest conversions from one transfer agency platform to another in the industry to date.
As part of the move, nearly 6.5 million images were transferred into DST Systems' Automated Work Distributor (AWD) system and some 1,000 TA2000 Desktop and AWD workstations were rolled out.
"DST's tremendous expertise in conversions and our previous experience in converting acquired fund families assured a successful transition," said Tony Green
, president of AIM Fund Services. "Our customers, who are brokers and other third-party distributors, are already doing business with DST, so little if any coordination of interfaces was needed."
The conversion expands DST's relationship with AIM. International Financial Data Services (IFDS) Canada, a DST affiliate, provides transfer agency services for AIM's offshore funds; another affiliate Boston Financial Data Services (BFDS) handles AIM's contractual fund; and DST subsidiary EquiServe services AIM's closed-end fund.
"It made good business sense to convert to TA2000," said Green. "With DST we've drastically upgraded our Internet and voice response capabilities, expanded integrated operating efficiency opportunities in our core processing and client servicing areas, and enhanced our defined contribution plan support. DST provided the training and support we needed to get up and running."
Stay ahead of the news ... Sign up for our email alerts now