Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:A New RBC Fund Unit Outsources Back Office Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, May 08, 2003

A New RBC Fund Unit Outsources Back Office

by: Ki Kim

The manager of the Babson and J&B Funds, Jones & Babson, is cutting some 35 employees, as it is outsourcing its back office fund administration functions to Wells Fargo, BFDS (a joint-venture of DST and State Street), and BISYS, according to a spokesperson for the Royal Bank of Canada (RBC).

The decision to outsource followed the previously announced acquisition of Businessman's Assurance Company of America, the parent of Jones & Babson, by RBC, who oversaw the move. Some of the 35 staffers may land positions with one of the three new outsourcing partners, added the spokesperson.

The outsourcing deals, however, do not cover the underwriting and distribution of the funds, as those services are expected to be taken over by RBC's Dain Rauscher.

Meanwhile, the affected functions include administration, fund accounting, custodial and transfer agency services of the Jones & Babson funds and Kornitzer Capital Management's Buffalo Funds.

For its part, Buffalo Funds has been transitioning its fund accounting and transfer agency functions to U.S. Bancorp Fund Services for its stable of funds, confirmed Kent Gasaway, one of the portfolio managers for the fund family.

U.S. Bank was also tapped as Buffalo's custodian, while the bank's affiliate unit, Quasar Distributors, is to provide fund underwriting and distribution services, according to Gasaway. 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2020: Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2020
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use