State Street has beefed up its Web-based program to find tax-lot stock transactions in order to avoid short-term taxes and capitalize on losing portfolio holdings. The company initially developed its Tax-Efficient Lot Selector (iTELS) to help customers determine when to make wash sales of individual investments.

A wash sale constitutes the divestiture of any security that is purchased within 30 days of a loss stemming from the sale of any identical security.

"iTEL's new service capabilities enable State Street customers to obtain maximum tax efficiencies through streamlined and accurate lot selection," said Alan Greene, executive vice president of State Street. "Our customers have been extremely pleased with this new development and value State Street's commitment to being at the vanguard of technology developments."

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.