QUINCY, Mass., Feb. 6, 2014 /PRNewswire/ -- Boston Financial Data Services, Inc., a premier provider of outsourcing services to the asset management industry, today announced an agreement with Keane, one of the nation's leaders in unclaimed property communications, compliance, and consulting services, to jointly deliver a comprehensive unclaimed property administration solution to clients.
The offering expands Boston Financial's lineup of unclaimed property services, which currently includes identifying property at risk of escheatment, managing investor outreach and communication, and performing the reporting and remittance tasks associated with the escheatment process. (Escheatment is the process of identifying financial accounts that are considered abandoned and remitting the funds to the appropriate state if the customer cannot be contacted to re-activate the account.)
Boston Financial clients will also have the opportunity to access Keane's consulting services, including audit assistance and support, compliance and risk analyses, and liability mitigation programs.
According to Craig Hollis, a Managing Director at Boston Financial, the alliance with Keane will give Boston Financial clients access to advanced, discretionary shareholder location searches that go beyond those that are federally required.
"Asset managers are devoting more time and resources to understanding and meeting their compliance obligations in the area of unclaimed property," says Hollis. "Through our association with Keane, we can help these firms better manage and satisfy their federal and state requirements and help them preserve assets under management by preventing unnecessary escheatment of shareholder accounts."
Difficulties in complying with differing state rules along with an increase in third-party audits are presenting serious challenges to asset managers.
"Boston Financial's shareholder servicing capabilities perfectly complement our suite of compliance and regulatory services," says Nick Nichols, Chief Operating Officer at Keane. "Through this alliance, asset managers will have one-stop access to the most comprehensive set of unclaimed property solutions available in the marketplace today."
About Boston Financial
Boston Financial Data Services is one of the industry's premier outsourcing providers servicing the mutual fund and employer retirement plans markets. Boston Financial is a joint venture between DST Systems, Inc. of Kansas City, MO., and State Street Corporation (NYSE: STT) of Boston, MA. 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. For more information on Boston Financial, visit www.bostonfinancial.com.
Keane is the country's leading provider of comprehensive unclaimed property solutions. From customized communication programs to in-depth consulting and annual compliance outsourcing, Keane provides corporations, mutual funds, banks, brokerages, insurance companies, and transfer agents with a full suite of professional services. Keane employs more than 190 people across the country in its New York, NY headquarters, main operating facility in King of Prussia, PA, and various satellite offices. For more information on Keane, please visit www.KeaneUP.com.
Media Contact Information:
Ann Marie Mierzykowski
Boston Financial Data Services, Inc.
SOURCE Boston Financial