US – State Street has announced that it has closed the acquisition of DST Systems’ portfolio accounting service business, Portfolio Accounting System (PAS), which is used by six of the top 20 mutual fund complexes in the US. The terms of the deal were not disclosed.
The PAS is an integrated system that allows automated mutual fund accounting and investment record keeping, covering areas such as securities pricing, dividend calculations, income and expense accruals.
The system processes over 1,800 portfolios on a daily basis for funds with more than $1trn (€1.2trn).
Ronald E. Logue, head of State Street’s Investor Services business, said : “With the acquisition of PAS, State Street’s accounting systems now price over 6,300 mutual funds daily which is more than 40% of the total industry.”