PFPC Inc., the mutual fund and retirement-plan-services member of The PNC Financial Services Group, Inc., announced that it has launched a fully-automated wash-sales-processing system for equity mutual funds. The system enables mutual funds serviced by PFPC to process complicated wash sales automatically. Wash sales have significant tax implications and occur when a security has been sold and then repurchased during a 30-day period before or after the original sale date.
Global Investment Systems (GIS), an investment-accounting software company, said that its revenues have jumped 30 percent this year and that it has continued to expand, despite a recession and the economic fallout from terrorism and war. Looking ahead, the company said that GIS will continue to enhance and alter its products to suit customers' needs in 2002. In addition, GIS will pursue prospects globally -- trusts, banks and mutual-fund firms -- particularly in the Caribbean region and in Eastern Europe, both considered areas of great potential growth.
Investment Technology Group, Inc., a provider of technology-based, equity-trading services, announced the release of the North American version of the ITG Platform, a PC-based software solution for institutional traders. In addition to numerous U.S.destinations, this product allows customers to trade directly on the Toronto Stock Exchange and the Canadian Venture Exchange, or send working orders, such as VWAP (volume weighted average price) and MOC (market on close) to the ITG Canada Desk.
SunGard Investor Accounting Systems, an operating group of SunGard, has successfully converted Integrated Fund Services, Inc. to a comprehensive suite of products based on SunGard's InvestarONE. The conversion will enable Integrated Fund Services, Inc., headquartered in Cincinnati, Ohio, to deliver advanced shareholder-recordkeeping services to its clients in the mutual-fund industry.