In line with our previous projections, we expect that 8 million to 10 million registered accounts will convert to sub-accounting for 2012. We estimate approximately 30% of those accounts will convert to DST's sub-accounting platform. We think a majority of the accounts will probably convert in the first half of 2012, although we can't determine the exact timing of conversions.Turning to defined contribution participants. They increased by 100,000 in the quarter. When you look at defined contribution plans, they need to maintain the accounts of participants who terminate their employment during a given year until the second quarter of the following year to support tax and other reporting requirements. We actually see annually a reduction of the terminated participants processed during the second quarter. We have new client conversions, however, scheduled at 1.3 million participants for late 2012 and '13. And of that total, we anticipate the conversion of 600,000 participants in the fourth quarter of this year and the remainder throughout 2013.
DST Systems' CEO Discusses Q1 2012 Results - Earnings Call Transcript
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