The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
Wednesday, July 27, 2011|
DST Reports a Dip in Shareholder Accounts
DST Systems saw total shareowner accounts drop by 0.9 percent, or 1 million accounts, from March 31 to June 30. The Kansas City, Missouri-based back-office provider ended the second quarter with 111.8 million accounts.
As of June 30, DST handled 95.2 million registered accounts, down 2.3 percent, or 2.2 million, from March, and 16.6 million subaccounts, up 7.8 percent, or 1.2 million from March.
DST said in an earnings release on Tuesday that during the second quarter, two of its existing clients informed the company of their plan to convert around 700,000 new registered accounts to DST's platforms by yearend. The press release did not state the identities of the clients.
The company also previously announced that two clients affiliated with Bank of New York Mellon informed DST of their plan to leave between September of this year and mid-2012. Those clients represent around 8.4 million subaccounts and 800,000 registered accounts.
Last week, DST unveiled a deal to buy ALPS for $250 million. The transaction is expected to close in the fourth quarter.
Printed from: MFWire.com/story.asp?s=37433
Copyright 2011, InvestmentWires, Inc.
All Rights Reserved