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Monday, February 24, 2003|
PFPC PAR Client Issues RFIs
Strong Funds is circulating a request for information (RFI) to transfer agents. The Menomonee Falls, Wisconsin-based fund firm currently uses PFPC's Personal Asset Recordkeeping System (PAR) for its transfer agent work on 64 funds with some 1.2 million accounts.
What reportedly caused Strong to start gathering information on TA systems was PFPC recent decision upgrade PAR. That move effectively freezes the number of clients on the legacy PAR platform, which Strong believes may leave that platform stagnant. Thus, the technology upgrade created a window for Strong to explore other options. Strong reportedly has two years remaining on its contract with PFPC. Planning and implementing this type of systems change can take significant time.
Merely issuing an RFI does not mean that the firm will necessarily move its business.
An industry source states that Strong sent the RFIs to Bisys, DST and UMB Investor Services. A spokesperson for Strong declined to comment on which firms were sent RFIs.
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