Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Layoffs Hit DST Not Rated 1.0 Email Routing List Email & Route  Print Print
Tuesday, February 2, 2010

Layoffs Hit DST

News summary by MFWire's editors

DST Systems just started a round of layoffs across the company, and its mutual fund back office unit is not immune. On Monday the Kansas City, Missouri-based firm revealed that it started up a seven percent across-the-company layoff, "affecting all DST domestic and international business units." (The Kansas City Star and a local Fox affiliate both put the layoff count at about 700 employees.) The company hopes to save about $67 million for the year, thanks to the cuts, while paying out about $21 million in termination benefits. It's unclear how the cuts will affect DST's mutual fund-focused business.

The MFWire could not reach spokespeople with DST for comment on the impact of the layoffs on the mutual fund unit.

Also on Monday, DST revealed a 2.3 percent rise in operating revenue (to $283.5 million) in the fourth quarter in its financial services segment (which includes the mutual fund servicing business). Its total mutual fund shareowner accounts increased from 120.3 million on September 30 to 121.1 million on December 31, thanks to bumps in its non tax-advantaged and subaccount counts. The unit anticipates bringing in about 100,000 registered accounts in the third quarter, thanks to new client commitments made during Q4. On the subaccounts side, DST's TA2000 clients plan to convert 2.1 million new subaccounts to the platform this year, though an existing subaccount client plans to convert about 600,000 subaccounts away from DST in Q3 (and DST previously noted that a subaccounting client plans to convert 5.0 million subaccounts away in mid-year.) 

Edited by: Neil Anderson, Managing Editor


Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

1.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2024: Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2024
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use