Press Release - November 8, 2005
Industry Leaders Publish Guide of Best Practices
Publication Aimed to Help Mutual Fund Directors Navigate Changing Legal and Regulatory Environment
Boston, MA, November 8, 2005
– State Street Corporation (NYSE: STT), Boston Financial Data Services
(Boston Financial), and DST Systems, Inc. (NYSE: DST) announced today
their collaboration on, "Building Investor Confidence," an information
guide that provides guidance on mutual fund directors' roles and
responsibilities, with a view to helping them navigate the changing
landscape of the mutual fund industry.
"Today, with the ever changing regulatory environment, boards of directors
are under scrutiny as never before. Our hope is that this guide provides a
useful framework of reference and practical recommendations," said Alan
Greene, executive vice president and head of State Street's U.S. mutual
fund servicing business.
The guide, available to State Street, Boston Financial and DST's clients,
incorporates selected SEC releases, speeches, industry articles and
publications to provide directors with guidance on effectively fulfilling
their extremely important role in overseeing mutual funds.
"The last several years have been a period of unprecedented change in this
industry. As providers serving the mutual fund industry for decades, we
aim to help our clients continue to build best practices," said Paul
O'Neil, senior director at Boston Financial.
About State Street Corporation:
State Street Corporation (NYSE: STT) is the world's leading specialist in
providing institutional investors with investment servicing, investment
management and investment research and trading. With $9.8 trillion in
assets under custody and $1.4 trillion in assets under management (as of
September 30, 2005), State Street operates in 25 countries and more than
100 geographic markets. For more information, visit State Street's web
site at www.statestreet.com.
About Boston Financial Data Services, Inc.
Boston Financial Data Services is one of the industry's premier
third-party transfer agents and has been servicing the back-office mutual
fund industry since 1973. Boston Financial is a joint venture between DST
Systems, Inc. (NYSE: DST) of Kansas City, Mo., and State Street
Corporation (NYSE: STT) of Boston, Mass. This joint venture has enabled
Boston Financial's clients to utilize DST's industry-leading software and
technology while benefiting from the institutional support and global
reach of State Street.
About DST Systems, Inc.
DST Systems provides sophisticated information processing and computer
software services and products that help clients improve productivity,
increase efficiencies, and provide higher levels of customer service. DST
is organized domestically and internationally into two operating segments:
Financial Services and Output Solutions. DST operates one of the most
advanced data centers in the world, which provides information-processing
services to support the products within each operating segment. These
products are further enhanced through the integration of DST's advanced
technology and e-commerce solutions.
CONTACT: State Street Corporation Carolyn Cichon, 617-664-8672 or Boston
Financial Anne Hebard, 617-483-3158 or DST Systems, Inc. Jill
Metzler, 816-843-9087
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