BISYS to Support 4,300 Accounts Representing Approximately
$250 Million in Assets under Administration -
NEW YORK, June 1 /PRNewswire-FirstCall/ -- BISYS, a leading provider of
outsourcing solutions for the financial services sector, today announced it
has been selected by New York City based Needham & Company, LLC to provide a
full suite of mutual fund services. Needham & Company, LLC is a nationally
recognized investment banking and asset management firm focusing on emerging
growth industries and their investors. BISYS will support the Needham Growth
Fund (NEEGX), the Needham Aggressive Growth Fund (NEAGX) and the Needham Small
Cap Growth Fund (NESGX) with the following services: fund accounting; fund
administration; transfer agency; legal, compliance, and regulatory support;
and distribution services. BISYS Alternative Investment Services also
supports a select group of Needham & Company's alternative investment
products.
According to Glen Albanese, Managing Director and Chief Financial Officer
of Needham & Company, LLC, "Based on their extensive range of services and
industry expertise, BISYS was the partner of choice as our mutual fund
services provider. We look forward to leveraging BISYS' knowledge and
experience as we grow our mutual fund family."
Fred Naddaff, President of BISYS Fund Services, said, "We are confident
that the quality of our service and the commitment of our associates will
support Needham & Company's short and long-term business goals. We believe
that their decision to outsource these vital capabilities and processes will
prove beneficial by increasing efficiency and enabling Needham to focus on
their critical business objectives."
George Evans, Executive Vice President of business development for BISYS
Investment Services, added, "We welcome the opportunity to support the Needham
Funds with our robust outsourcing platform and team of industry leaders. We
are confident that our leading-edge technology and commitment to service will
generate substantial benefits to Needham, and look forward to a successful
long-term relationship."
Needham & Company, LLC is scheduled to convert to the BISYS servicing
platform in June 2005.
About Needham & Company, LLC
Needham & Company, LLC is a privately held, full-service investment bank
headquartered in New York City, specializing in technology and
biotechnology/life science, with offices also in Boston, Menio Park and San
Francisco. In addition to investment banking, Needham services include
institutional sales and trading, asset management and venture capital.
Needham & Company, LLC also produces comprehensive equity research on more
than 375 technology and life sciences companies and regular studies on
specific niche sectors within these industries. For more information, please
see http://www.needhamco.com .
About BISYS
The BISYS Group, Inc. (NYSE: BSG) provides outsourcing solutions that
enable investment firms, insurance companies, and banks to more efficiently
serve their customers, grow their businesses, and respond to evolving
regulatory requirements. Its Investment Services group provides
administration and distribution services for mutual funds, hedge funds,
private equity funds, retirement plans and other investment products. Through
its Insurance Services group, BISYS is the nation's largest independent
wholesale distributor of life insurance and a leading independent wholesale
distributor of commercial property/casualty insurance, long-term care,
disability, and annuity products. BISYS' Information Services group provides
industry-leading information processing, imaging, back-office operations, and
imaged payment solutions to financial institutions and major corporations.
Headquartered in New York, BISYS generates more than $1 billion in annual
revenues worldwide. 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
http://www.needhamco.com
Company News On-Call:
http://www.prnewswire.com/comp/851938.html
CONTACT:
Daniel Briggs, Vice President, Finance and
Investor Relations, +1-212-907-6134
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