PFPC says that the Principal Management Corporation has extended its agreement with PFPC for remote transfer agency services for Principal Mutual Funds. PFPC has provided remote transfer agency services for Principal Mutual Funds since 1995. Total assets serviced for Principal Mutual Funds are approximately $10 billion, representing an estimated 750,000 shareholder accounts.
Under the terms of the contract renewal, PFPC also will continue to provide Principal Mutual Funds with a variety of services including integrated desktop technology, cost basis accounting and data warehouse capabilities.
“We continue to find PFPC to be the preeminent provider of transfer agent capabilities,” says Michael J. Beer, executive vice president and chief operating officer, Principal Mutual Funds. “Their client-centric service model combined with enhanced technology is designed to deliver superior and cohesive integrated business services. Our selection of PFPC reinforces our commitment to providing stellar service to our investors in an increasingly competitive environment.”
PFPC says its Global Enterprise Platform continues to evolve and is being built to embrace open architecture that promotes flexibility, efficiency and accessibility.
“PFPC’s flexible and personalized solutions can make a difference as a firm like Principal Management Corporation continues to expand its position in the marketplace,” says Michael DeNofrio, executive vice president and senior managing director, PFPC transfer agency. “This contract renewal with Principal Management Corporation also demonstrates that Global Enterprise PlatformSM (GEP), our innovative, component-based technology, can result in better solutions for our clients and their shareholders in today’s exceedingly competitive market.”
The Principal Financial Group has also recently tapped PFPC to provide wrap account services for its new “baby boomer IRA” – a retirement income program. Supported by PFPC’s subaccounting services, the Principal Income IRA program is targeted at the growing assets in the 401(k) rollover market.