Keane Acquires Unclaimed Property Recovery & Reporting, LLC
Acquisition further strengthens Keane’s position as premier unclaimed property services provider.
New York, NY, December 11, 2014 – Keane, the nation’s leading provider of outsourced unclaimed property solutions, today announced the acquisition of Unclaimed Property Recovery & Reporting, LLC and its wholly owned subsidiary, UPRR Securities LLC, a registered Broker-Dealer (UPRR). Through the acquisition, Keane further strengthens its position as the industry leader, providing unclaimed property services to more than 2,000 public corporations, banks, broker-dealers, mutual funds, insurance carriers, and transfer agents.
“This acquisition is ideal for the industry, as the services offered by both Keane and UPRR complement each other perfectly,” commented Keane Chief Executive Officer, Michael J. O’Donnell. “Through the combination of each of our advanced owner location service platforms, clients of both Keane and UPRR will now have access to an even greater suite of services to assist their shareholders, customers, and investors.”
Keane’s owner location and communication services, ranked the highest in Group Five’s annual shareholder services report for the fifth consecutive year, will grow and expand through UPRR’s impressive technologies and unique service offerings, such as its Pre-Escheat Location (PEL) owner communication program. Keane will also supplement its outsourced escheat reporting services and unclaimed property consulting and compliance services through the addition of key management and operational talent.
UPRR Chief Administrative Officer, Pete Miller remarked, “I believe the combination of Keane and UPRR will provide clients with a unique set of tools to reduce unclaimed property risk and return property to the correct owners.”
Keane is the country’s leading provider of comprehensive outsourced unclaimed property solutions. Keane provides corporations, mutual funds, banks, brokerages, insurance companies and transfer agents with a full suite of professional outsourced services, including locating account owners or beneficiaries, risk mitigation, customer communication programs, recovery of escheated assets, consulting, reporting and other unclaimed property compliance-related services. Keane employs more than 200 people across the country. Keane is headquartered in New York, NY with a main operating facility in King of Prussia, PA, and has various satellite offices across the country. For more information, please visit www.KeaneUP.com.
Since 1996, UPRR has developed customized solutions to minimize the liability and risk associated with unclaimed property for a vast array of organizations spanning across multiple industries. Staffed by employees with decades of experience in this field, UPRR provides clients with thorough and thoughtful answers to the most challenging unclaimed property questions. Additionally, through UPRR’s proprietary escheat compliance system, UPRR clients can be assured that the requirements of all reporting jurisdictions are met.