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PFPC Inc., a member of The PNC Financial Services Group, Inc. (NYSE: PNC) and the nation's largest full- service mutual fund transfer agent and second largest provider of mutual fund accounting and administrative services, announced today that the F&C/Claymore Preferred Securities Income Fund (NYSE: FFC) selected PFPC for fund accounting and administration services. In addition, PFPC will provide custody and transfer agency services for the newly organized, diversified closed-end fund. Flaherty & Crumrine Incorporated is advisor to the Fund, while Claymore Securities, Inc. serves as the Fund's shareholder service agent.
Under terms of the contract, PFPC will provide accounting and administration services, including financial accounting and recordkeeping, pricing and corporate actions, financial and regulatory reporting, tax services, compliance monitoring and Blue Sky compliance. PFPC will provide a comprehensive range of services for the Fund's approximately $1.6 billion in assets. Globally, PFPC currently provides fund accounting and administration services for over 1,500 portfolios with assets of approximately $573 billion.
PFPC will also supply the Fund's common shareholders with transfer agency services, including call center, quality assurance, transaction processing and work management, print mail and proxy and fulfillment services.
"PFPC is excited to add a new dimension to our 12-year relationship with Flaherty & Crumrine, one of the nation's premier managers of preferred securities," said Stephen M. Wynne, chief operating officer, PFPC. "Our administration and accounting services and capabilities offer the ability to customize according to a client's specific needs while maintaining rigorous quality standards. We believe that PFPC's expertise, unique coordinated service approach and open, flexible technology gives the F&C/Claymore Preferred Securities Income Fund an edge in the marketplace."
Founded in 1983, Flaherty & Crumrine Incorporated (F&C) specializes in the management of preferred securities. Based in Pasadena, California, the firm manages approximately $2.5 billion in preferred and related securities.
Headquartered in Wheaton, Illinois, Claymore Securities, Inc. offers unique investment solutions for financial advisors and their valued clients. The firm provides supervision, management or servicing on over $3.2 billion in assets through closed-end funds, defined portfolios and separately managed accounts.
PFPC services more than $1.4 trillion in total assets representing approximately 48 million shareholders. In addition to shareholder services and fund accounting and administration, PFPC also provides distribution and subaccounting services, advanced output solutions, custody, securities lending, integrated banking transaction services and alternative investment services. PFPC clients include many of the world's most successful financial services companies, including brokerage firms, pension and investment managers, insurance companies and banks. PFPC's affiliate, PFPC International Ltd., based in Dublin, Ireland, has served the international funds community since 1993. Contact PFPC by email at information@pfpc.com.
The PNC Financial Services Group, Inc., headquartered in Pittsburgh, is one of the nation's largest diversified financial services organizations, providing regional community banking; wholesale banking, including corporate banking, real estate finance and asset-based lending; wealth management; asset management; and global fund services.
SOURCE: PFPC Inc.
CONTACT: Jeanette Harrison-Sullivan, PFPC, +1-302-791-1400 or
+1-508-871-9863, jean.harrison-sullivan@pfpc.com
Web site: http://www.pnc.com/
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