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IFMG Picks ADP For Fund Services

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The bank brokerage unit of Sun Life Financial Inc. has signed an agreement with ADP Brokerage Services to provide mutual fund back-office services.

IFMG Securities Inc., New York, a subsidiary of the U.S. division of Sun Life Financial, Toronto, provides investment and insurance products to banks and credit unions. ADP, a division of Automatic Data Processing Inc., will provide processing technology for IFMG’s automated fund account opening and approval system, provide compliance reporting, track investment suitability and monitor churning of mutual funds.