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Salomon Selects First Data for 401(k) Program

Salomon Smith Barney and SSB Citi Asset Management Group of New York have selected First Data Investor Services Group of Westborough, Mass., to provide recordkeeping and administrative services for a new 401(k) program geared for small businesses called (k) Choice.

The five-year contract calls for First Data to provide daily net asset value, call center services, Internet capabilities and regulatory support. First Data currently provides services to mutual fund holdings of more than $850 billion for 20,000 plans and three million participants. Salomon expects to close the deal in the fourth quarter of this year.