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Wednesday, November 20, 2002|
Turner Taps New Back Office
Turner Funds has tapped PFPC Trust Company for custody services and trade settlement, safekeeping and other securities processing services, according to the firm. Turner Funds group offers 23 equity and fixed-income mutual funds, as well as Alpha Select Trust, a registered investment company subadvised by Turner Investment Partners. The deal brings PFPC $2.5 billion in assets from Turner.
The fund firm did not identify the previous provider of these services.
PFPC will also provide accounting and administration, transfer agency and custody services for the Westlakes Institutional Portfolios, a startup group of fixed-income funds for institutional investors.
"This new relationship with PFPC fits our growth strategy as we add new funds and diversify our business lines," said John Grady, chief operating officer of Turner Investment Partners and executive vice president of its fund groups. "PFPC offers best-in-class technology and something more a dedicated service team that responds to all of our processing needs. This is not an 800-number environment but a group that knows our business and will review all aspects of custody, including trade settlement, overdrafts, short-term cash and operations issues."
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