[14000]
October 2, 2001
TO: OPERATIONS COMMITTEE No. 27-01
TRANSFER AGENT ADVISORY COMMITTEE No. 71-01
RE: ICI TRANSFER AGENT ADVISORY COMMITTEE -- REDEMPTION PRACTICES
SURVEY
Several months ago the Transfer Agent Advisory Committee established a Task Force to
assess redemption transaction processing practices and procedures in our industry. The task
force developed the enclosed survey to gather information on redemption practices and
procedures. The survey was sent to members of the Operations and Transfer Agent Advisory
Committees for completion.
The survey solicited information on (1) the profile of the responding firm, (2) the types of
redemption requests accepted, (3) good order review procedures, (4) redemption trade limits, (5)
tax and sales charge policies, (6) transaction processing and follow-up procedures, and (7) fraud
prevention procedures.
Sixty-one mutual fund complexes completed the survey on a specially designated area of
the Institute’s member website. The survey results and a listing of the mutual fund complex
participants are attached for your review. All survey responses were aggregated and no
individual complex name or data has been distributed or discussed in the final document. The
survey was prepared by the ICI for informational purposes only. Any decisions by Institute
Members in response to this material should be done independently. The aggregate survey
results will be shared with the Committees and reviewed and discussed at future Committee
meetings.
We would like to extend our thanks to Charles Hawkins of PNC Financial Services
Group and Tom Lanio of Van Kampen Investor Services who co-chaired this important project,
as well as the following Transfer Agent Advisory Committee members who participated on the
Redemption Practices Survey Task Force:
Susan Cornwell – Oppenheimer Shareholder Services, Inc.
Linda Gieger/Linda Justice – INVESCO Funds Group, Inc.
Keith Glasscock – Pioneer Investment
Joe Jimenez/Cynthia McClary – BISYS Fund Services Group, Inc.
2
Charlie Ragusa – CDC IXIS Asset Management Services, Inc.
Marc Scher – Merrill Lynch Investment Managers
If you have any questions regarding the survey, please contact the undersigned at 202-
326-5930 or by email at kjoaquin@ici.org.
Kathleen C. Joaquin
Director - Transfer Agency &
International Operations
Attachment
Attachment (in .pdf format)