- BISYS To Support Four Mutual Fund Groups Representing Approximately
$12 Billion in Assets With Full Suite of Services -
NEW YORK, July 29 /PRNewswire-FirstCall/ -- BISYS, a leading provider of
business process outsourcing solutions for the financial services sector,
today announced that its industry-leading fund servicing platform has been
selected by Voyageur Asset Management and Jones & Babson to support the Great
Hall, Babson, J&B, and Investor's Mark Series Funds. BISYS will support these
fund families, which represent 26 mutual funds, 26 portfolios, and
approximately $12 billion in assets, with fund accounting, sub-administration,
and transfer agency services.
Voyageur Asset Management and Jones & Babson are subsidiary companies of
Royal Bank of Canada (RBC), one of Canada's most prestigious financial
institutions. As the administrators of the fund families, Voyageur Asset
Management and Jones & Babson determined that outsourcing certain
administrative functions would more efficiently and cost-effectively support
its funds and shareholders. BISYS was selected to perform these functions
based on its comprehensive, state-of-the-art outsourcing solutions; its
commitment to continually introduce the contemporary new products and services
necessary to proactively respond to evolving industry, market, and consumer
demands; and its unique ability to meet the aggressive conversion requirement.
James L. Fox, president of BISYS Fund Services, said, "BISYS' outsourcing
solution will enable RBC to dramatically increase their speed-to-market with
new products and services, and to focus exclusively on their core competencies
and performance goals. We believe our outsourcing solution is ideally suited
to support RBC's migration to outsourcing and its growth and service goals,
and we welcome the addition of this respected organization to our client
roster."
George Evans, executive vice president of business development for BISYS
Investment Services, said, "It is rewarding that Voyageur Asset Management and
Jones & Babson selected BISYS, and we are delighted by their confidence in our
robust outsourcing platform and our industry experts. We look forward to
building a long-term relationship by performing mission-critical technical,
accounting, customer care, and other back-office services for the RBC-related
funds, and we expect its migration to outsourcing will be a tremendous
success."
About Voyageur Asset Management
Voyageur Asset Management Inc. is a wholly owned subsidiary of RBC Dain
Rauscher Corp. and was founded in 1983. Voyageur provides fixed income,
equity, and balance portfolio management services to clients from a variety of
backgrounds and a broad range of financial needs. Voyageur's nationally
recognized investment team currently manages over $20 billion in assets for
individuals, public entities, Taft-Hartley plans, corporations, private
nonprofits, foundations, endowments, and healthcare organizations. Using a
philosophy that emphasizes well-articulated investment processes, high quality
liquid securities, and strong advisor service, Voyageur seeks to protect and
enhance its client's investments.
About RBC Dain Rauscher Corporation
RBC Dain Rauscher Corporation, a wholly owned subsidiary of Royal Bank of
Canada (NYSE: RY), is the parent company of RBC Dain Rauscher, which is the
ninth largest full-service securities firm with more than 2,100 financial
consultants and 6,000 employees. The company serves individual investors and
small business owners through offices coast-to-coast, and capital markets and
correspondent clients in select U.S. and international markets. Founded in
1909, RBC Dain Rauscher is a member of the New York Stock Exchange and other
major securities exchanges, as well as the Securities Investor Protection
Corp. The company's headquarters are at Dain Rauscher Plaza, 60 S. Sixth St.,
in Minneapolis.
About RBC Financial Group
Royal Bank of Canada (TSX, NYSE: RY) uses the initials RBC as a prefix for
its businesses and operating subsidiaries, which operate under the master
brand name of RBC Financial Group. Royal Bank of Canada is Canada's largest
financial institution as measured by market capitalization and assets, and is
one of North America's leading diversified financial services companies.
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 20,000 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 more than $650 billion in
assets. BISYS' largest group also provides retirement services to more than
15,000 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 leading independent distributor of life insurance and the premier
provider of the support services required to sell traditional and variable
life, annuity, long-term care, and disability products. BISYS is also the
nation's seventh largest property/casualty (P&C) wholesaler and the third
largest independent wholesaler of commercial lines of P&C 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 225 certification and continuing education
training courses, and a sophisticated suite of licensing-related products and
services. BISYS' Information Services group provides information processing
and imaging solutions to more than 1,150 financial institutions. This group
also supports more than 120 insurance companies with a suite of asset
retention solutions, and provides complete program management for corporate-
sponsored cash management accounts. 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
CONTACT:
James L. Fox, President of BISYS Fund
Services, +1-617-824-1213, james.fox@bisys.com
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