The IFDS UK acquisition has closed and the BFDS acquisition is expected to close within the next several days.
In the US, DST's wholly-owned subsidiary will acquire State Street's ownership interest in BFDS by delivery to State Street of approximately 2m shares of State Street common stock owned by DST for total consideration of USD 157.
State Street and BFDS were selected on the basis of several critical factors," said Christopher L.
Over the past 30 years, BFDS has built its position as the largest mutual fund transfer agent in the United States, and today employs nearly 2,600 individuals and serves a client base of over 21 million shareholder accounts.
With the demand for quality shareholder services becoming more and more critical as investment products become increasingly complex, our clients value the unique relationship we have developed with BFDS.
The combination of State Street's investment services expertise coupled with DST's technology capabilities helped build the foundation for our tremendous growth," said Steve Towle, president of BFDS.
Nuveen selected State Street and BFDS
based on their combined abilities to service the broadest requirements of mutual funds and exchange traded funds (ETFs), from shareholder servicing to custody and accounting.