Business Services Industry
Boston-Based Financial Company Reduces Providers of Bank Services.
Knight Ridder/Tribune Business News, May, 2001
By Scott Bernard Nelson, The Boston Globe Knight Ridder/Tribune Business News
May 31--In a bid to cut costs, John Hancock Funds announced plans yesterday to reduce the number of banks that provide its mutual fund accounting and custody banking services from three to one.
Hancock, a division of John Hancock Financial Services Inc., said it has signed a letter of intent to move its business to the Bank of New York. The deal is expected to be finalized within 90 days.
Three Boston companies, Investors Financial Services, State Street Corp., and Brown Brothers Harriman, lost out in the deal. The trio had been sharing Hancock's fund accounting for several years.
"We never really had economies of scale when we had custody work with...
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