- Complete Back-office Solution to Support Asset Managers With
State-of-the-art Functionality and Cost-effective Servicing Platform -
NEW YORK, Jan. 20 /PRNewswire-FirstCall/ -- BISYS, a leading provider of
business process outsourcing solutions for the financial services sector,
today announced the material enhancement of its servicing solution for
separately managed accounts through a strategic alliance with Vestmark. BISYS
will support asset wealth managers with state-of-the-art functionality and a
more robust and cost-effective servicing platform following the integration of
its proprietary technology with Vestmark's key technology components,
including its JAVA-based, scalability technology; a sophisticated workflow
engine; and an interface development and maintenance application.
According to Fred Naddaff, president of BISYS Fund Services, "BISYS offers
the broadest suite of investment services available from a single provider and
we continue to strategically expand these services based on client and market
demands. Our systematic best-of-breed approach is supporting the development
of our wealth management offering, which will encompass the specific solutions
our clients need to cost-effectively develop and grow their wealth management
businesses, including our enhanced servicing solution for separately managed
accounts. We are uniquely positioned to support the growing wealth management
market segment with the sophisticated automation, the timely and accurate
information, and the essential efficiencies investment managers need in
today's highly competitive marketplace."
Kevin Keefe, senior vice president of BISYS Wealth Management Solutions,
said, "The well-documented operational challenges that asset managers face in
today's separately managed account marketplace include the lack of a robust
and scalable processing platform; the need to interact with multiple,
disparate external platforms; and limited aggregate business line data. Until
our development of this servicing platform, which will efficiently leverage
proven state-of-the-art technology, no servicing solution we know of
adequately addresses these key challenges in a flexible and cost-effective
way. We are confident that our competitively distinct servicing solution for
separately managed accounts will support the near- and long-term demands of
this dynamic marketplace."
David Blundin, chief executive officer of Vestmark, said, "We are pleased
to form this strategic alliance with BISYS. We expect this partnership of
capabilities, powerful technology, expertise, and service cultures will be
well received in the marketplace and will ultimately establish an industry-
leading servicing solution for separately managed accounts."
About Vestmark
Vestmark, Inc. is an enterprise software company providing managed
accounts solutions to the financial services industry. The Vestmark
management and engineering teams include the founders and key technologists
from several highly successful companies spanning the portfolio management,
investment analytics, business intelligence, personalization, and content
management industries. Through innovative workflow and integration
capabilities, Vestmark delivers efficiency, flexibility, and scalability to
the front- and back-offices of investment managers, sponsors, and service
providers. Vestmark supports a range of managed account products, including
traditional separately managed accounts (SMAs), multi-style portfolios (MSPs,
MDAs, DMAs, etc.), and emerging unified managed accounts (UMAs). Vestmark
solutions enable its clients to attract new assets, reduce operational costs,
and increase the overall profitability of their managed accounts business.
Founded in 2001, Vestmark, Inc. is headquartered on Route 128 due north of
Boston, Mass. For more information, please visit its Web site at
http://www.vestmark.com or send e-mail to info@vestmark.com.
About BISYS
The BISYS Group, Inc. (NYSE: BSG), headquartered in New York City,
provides business process outsourcing solutions that enable investment firms,
insurance companies, and banks to capitalize on convergence by entering new
segments of the financial services industry. BISYS currently supports more
than 22,000 domestic and international financial institutions and corporate
clients through three business units. Its Investment Services group provides
administration and distribution services for approximately 370 clients,
representing approximately 2,100 mutual funds, hedge funds, private equity
funds, and other alternative investment products with approximately
$700 billion in assets under administration. BISYS' largest group also
provides retirement services to more than 17,000 companies in partnership with
40 of the nation's leading banks and investment management companies, and
offers analytical research and competitive intelligence through its Financial
Research Corporation (FRC) subsidiary. Through its Insurance and Education
Services group, BISYS is the nation's largest independent distributor of life
insurance and the premier provider of the support services required to sell
traditional and variable life, long-term care, disability, and annuity
products. BISYS is also the nation's second largest independent wholesale
broker of commercial property/casualty insurance. This group complements its
insurance distribution services with a comprehensive compliance management
solution that supports insurance and investment firms and professionals with
more than 215 certification and continuing education training courses, and a
sophisticated suite of products and services that automates the entire
licensing process. BISYS' Information Services group supports approximately
1,450 banks, insurance companies, and corporations with industry-leading
information processing and imaging solutions, turnkey asset retention
solutions, and specialized corporate banking solutions. Additional
information is available at http://www.bisys.com.
Except for the historical information contained herein, the matters
discussed in the press release are forward-looking statements within the
meaning of the safe-harbor provisions of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements are subject to risks and
uncertainties that may cause actual results to differ materially, including
but not limited to economic, competitive, governmental and technological
factors affecting the Company's operations, markets, services and related
products, prices and other factors discussed in the Company's periodic filings
with the Securities and Exchange Commission.
SOURCE BISYS Group, Inc.
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Related links:
http://www.bisys.com
Company News On-Call:
http://www.prnewswire.com/comp/851938.html
CONTACT:
Fred Naddaff, President of BISYS Fund
Services, +1-614-470-8100
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