After Citi Buy, SunGard Launches Mutual Funds Transfer Agency Utility
Move comes as more banks exit the business.
New post-crisis sub-accounting and regulatory requirements have driven a number of top-tier financial institutions to rationalize or sell their transfer agency functions recently, and instead increasing their focus on, and investments in, such capabilities as fund accounting, administration and custody. For example, in addition to Citi's sale to SunGard, JP Morgan exited the business in the UK last year after determining it was uneconomic.
Through the new dedicated transfer agency utility
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