Transfer agent, accounting and administrative firm PFPC has created an online cost basis accounting service specifically for broker-controlled mutual fund accounts. Called PFPC-CBA, the tool automatically calculates gains and losses at the time of redemption for broker-controlled accounts. It also enables broker/dealers to trace the cost of transfers, fund mergers, share class rollovers and stock splits.

Three fund companies, including Eaton Vance, BlackRock Funds and Strong Funds, have signed on for PFPC-CBA.

"Eaton Vance is responding to a very real demand from broker/dealers and their customers to provide cost basis information," said Jeffrey Beale, VP and chief administrative officer with Eaton Vance. "Equally important is PFPC’s ability to offer online inquiry functionality to view shareholder information. This will significantly increase the efficiency and ease for broker/dealers seeking specific data."

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