Boston EquiServe Limited Partnership announces new name; Joint venture of Bank of Boston and Boston Financial Data Services is nation's second largest shareholder services firm.

CANTON, Mass.--(BUSINESS WIRE)--Nov. 15, 1995--Boston EquiServe Limited Partnership, a joint venture of Bank of Boston Corp. and Boston Financial Data Services (Boston Financial), itself a joint venture of State Street Bank and Trust Co. and DST Systems Inc., today announced that its board of directors has approved its new name.

Boston EquiServe was formed earlier this year under the temporary name of BancBoston State Street Investor Services. Its closing was completed on Sept. 29, 1995. Boston EquiServe is the nation's second largest transfer agent with more than 11 million shareholder accounts and 1,000 corporate clients.

"We believe that we have captured the core values and key strengths of our company in its new name," said Stephen MacQuarrie, president of Boston EquiServe. "We're very pleased but not surprised that both the closing and name change came about so smoothly. From the outset, it was apparent that the synergies of our organizations, the compatibility of our shared vision, and the deep-felt commitment we have to serving our customers would enable us to create a very strong, vibrant organization."

Commenting on Boston EquiServe's new name, Executive Vice President Charles Rossi continued, "Boston acknowledges the proud heritage of our owners, as well as the fact that this city is one of the nation's leading financial services centers; Equi denotes our focus on clients' equity investors' service needs; and Serve sums up our strong service culture. This applies not only with respect to our shareholder services capabilities, but also our uncompromising commitment to service quality in every aspect of our relationship -- through personal responsiveness and technological excellence."

Commenting on the formation of the new company, Chad Gifford, chairman and CEO, Bank of Boston said, "All of us are excited about the new venture. Boston EquiServe is a powerhouse. By coupling Bank of Boston's strong corporate relationships and service history with Boston Financial's operational expertise and unrivaled technological resources, we create a win-win situation for everybody -- particularly our customers and their shareholders."

"The regulatory arena and the makeup of the marketplace are both changing rapidly," said Joseph Hooley, Boston EquiServe's chairman and CEO of Boston Financial. "The keys to success in this business going forward will be sophisticated services and efficient delivery. With an impressive combination of resources now in place, Boston EquiServe is very well positioned to become the leader in our industry -- in terms of both technological sophistication and quality of services." Hooley will continue in his capacity as president and CEO of Boston Financial in addition to his role as chairman of Boston EquiServe.

With approximately 700 employees housed in a state-of-the-art securities processing facility, Boston EquiServe provides a full range of shareholder services to corporate customers and their stockholders. These services include dividend disbursement, dividend reinvestment, open availability/direct stock purchase plan administration, proxy mailing and tabulation, stock option services, corporate reorganization services and annual and interim report distribution.

Boston EquiServe provides similar services for closed-end mutual funds and limited partnerships. The organization also offers ancillary services, employee stock purchase plan administration and optical scanning.

Bank of Boston Corp. (NYSE: BKB) has assets of $46.1 billion as of Sept. 30, 1995. The corporation and its subsidiaries offer personal, corporate and global banking services to individual, corporate, institutional and governmental customers in New England and selected markets across the nation and around the world.

Boston Financial Data Services Inc. (Boston Financial), was established in 1973 as a joint venture of State Street and DST Systems to provide high quality shareholder recordkeeping services for the mutual fund industry. Boston Financial currently services 9.2 million shareholder accounts in over 1,600 funds.

With more than $2 trillion in assets under custody and $199 billion under management, State Street is a leading servicer and manager of financial assets worldwide. Headquartered in Boston, the company provides services from offices in 16 countries. State Street Bank and Trust Co. is a wholly owned subsidiary of State Street Boston Corp. The corporation's common stock is traded on the New York Stock Exchange under the symbol "STT."

DST Systems Inc., based in Kansas City, Mo., is a leading provider of technology for mutual funds, corporate stocks and bonds and insurance-related products.

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