The mutual fund industry has seen significant changes in the traditional third-party distribution model, especially this past year with the collapse of several major wirehouses and a spate of merger and acquisition activity. Alongside these changes, more broker/dealers are taking on the responsibility for recordkeeping mutual fund subaccounts.

This trend has been growing for years, up from when only the top-tier broker/dealers took in-house responsibility for mutual fund recordkeeping to correspond with their omnibus processing of equity and fixed income trades. Over the past few years, mutual fund companies have begun to accept this paradigm.

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