- BISYS to Support 52 Mutual Funds Representing Approximately $26 Billion in
Assets Under Administration -
NEW YORK, April 14 /PRNewswire-FirstCall/ - BISYS, a leading provider of
business process outsourcing solutions for the financial services sector,
today announced that it has been selected by Atlanta-based Trusco Capital
Management, Inc. to provide a full-service mutual fund servicing solution.
BISYS will support the STI Classic family of mutual funds, which are managed
by Trusco Capital Management and represent 52 funds and approximately $26
billion in assets under administration, with fund accounting; financial
administration; transfer agency services; legal, compliance, and regulatory
support; and distribution services.
Jeff Vogelbacker, managing director of Trusco Capital Management, said,
"We selected BISYS to perform these mission-critical business functions based
on its end-to-end mutual fund servicing solution; its value-added distribution
solutions; and its competitively distinct legal, regulatory, and compliance
services. We believe the opportunity to leverage our core competencies with
BISYS' resources will effectively, efficiently, and proactively support our
ongoing growth goals and our commitment to provide outstanding mutual fund
investments and services to our shareholders."
According to Fred Naddaff, president of BISYS Fund Services, "We believe
that our comprehensive service model and solutions provide complementary
synergies between our organizations. BISYS' tailored approach was clearly a
differentiation point, particularly with regard to our ability to assist in
Trusco Capital Management's asset growth and retention, as well as its
compliance with the current regulatory environment. Trusco Capital Management
and the STI Classic Funds is a very important relationship to add to our
client roster. We look forward to working closely with them to ensure a
smooth transition, and to do our part to meet the ongoing business objectives
for the STI Classic Funds."
George Evans, executive vice president of business development for BISYS
Investment Services, added, "We believe the ability to establish this
significant relationship is a resounding endorsement of the functional
capabilities of our servicing platform, the sophistication of our technology,
and the broad expertise we offer in each of the disciplines inherent in the
dynamic and competitive investment industry. BISYS' ability to enhance
shareholder services; our distinct emphasis on legal, regulatory, and
compliance services; our distribution support; and the strategic consulting
provided by our Financial Research Corporation subsidiary comprise an offering
that we believe to be competitively distinct in today's marketplace. We are
confident that our uncompromising standards will foster a long-term and
growing relationship with Trusco Capital Management."
BISYS and Trusco Capital Management expect to execute a definitive
agreement in the coming weeks, and the STI Classic Funds are expected to be
converted to BISYS' servicing platform by August 2004.
About STI Classic Funds
The STI Classic Funds were introduced in 1992. They have grown to
$25.7 billion in assets under management as of March 31, 2004. The STI
Classic Funds offer 52 funds covering a broad array of investment styles,
including money market, fixed income, and equity funds. For more information
about the STI Classic Funds, visit http://www.sticlassicfunds.com or call
800-874-4770, option 5.
About Trusco Capital Management, Inc.
Trusco Capital Management, Inc. is one of the largest institutional
investment management firms in the U.S. with $50.2 billion in assets under
management as of December 31, 2003. The firm provides customized investment
management to a growing client base that includes endowments, Foundations,
corporations, healthcare organizations, municipalities, public funds,
associations, insurance companies, labor unions, and high net worth
individuals. Trusco employs specialists in a wide variety of investment
disciplines, including liquidity management. In addition, the firm serves as
the investment adviser to the STI Classic Mutual Fund family. Trusco Capital
Management is an SEC Registered Investment Adviser headquartered in Atlanta,
Ga. For more information about Trusco, visit http://www.truscocapital.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 380 clients,
representing more than 2,200 mutual funds, hedge funds, private equity funds,
and other alternative investment products with approximately $750 billion in
assets under administration. BISYS' largest group also provides retirement
services to more than 18,000 companies in partnership with 40 of the nation's
leading banks and investment management companies, and offers analytical
research and competitive information 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 distributor 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 approximately
390 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 The BISYS Group, Inc.
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Related links:
http://www.bisys.com
http://www.truscocapital.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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