PFPC says it has been selected to provide multiple services to the BB&T Funds and BB&T Variable Insurance Funds, a family of 30 funds representing 65,000 shareholder accounts and $5.5 billion in assets. The funds include equity, fixed income, money market and variable insurance funds, as well as fund of funds. BB&T Asset Management, Inc. serves as investment adviser to the funds.
“We are excited about this opportunity to expand our relationship with such a successful organization,” says Steve Wynne, president, PFPC. “BB&T has a client-centric focus designed to help investors achieve economic success and financial security. Our aim is to provide a host of elite products and personalized services that allow BB&T to focus on what they do best – meeting the individual needs of their clients.”
Under the terms of the agreements, PFPC will provide fund accounting, transfer agency, financial and regulatory administration, and distribution services. In addition, PFPC will offer Chief Compliance Officer support services.
“The funds’ trustees selected PFPC due to their industry experience and commitment to investing the necessary resources to ensure accurate and responsive service,” says Keith Karlawish, president of the Funds and BB&T Asset Management, Inc. “We are very impressed with the quality of people and systems in place at PFPC and their dedication to serving our needs. We think they have a distinct competitive advantage, and we are proud to be partnered with them.”
Raleigh, N.C.-based BB&T Asset Management, Inc. is a registered investment adviser and subsidiary of BB&T Corporation with more than $16 billion in discretionary assets under management.