NEW YORK, Oct. 7 /PRNewswire-FirstCall/ -- BISYS (NYSE: BSG), a leading
provider of business process outsourcing solutions for the financial services
sector, today announced that Fred Naddaff has been promoted to president of
BISYS Fund Services. Mr. Naddaff will provide executive oversight of BISYS'
U.S. and European outsourcing services that support mutual funds, variable
annuities, and separately managed accounts with administration and accounting,
transfer agency and shareholder services, compliance and regulatory support,
and marketing and distribution solutions.
Mr. Naddaff's promotion follows the promotion of James Fox from president
of BISYS Fund Services to chief financial officer of The BISYS Group, Inc.
announced on September 24, 2003. Mr. Naddaff will report to Bill Tomko,
president of the BISYS Investment Services group, and will continue to be
based in BISYS' Columbus, Ohio office.
Mr. Naddaff joined BISYS three years ago as executive vice president for
BISYS Fund Services, responsible for all domestic and international operations
and technology.
According to Mr. Tomko, "We are excited to have Fred assume this expanded
role. His industry experience and knowledge uniquely qualify him for this
position, and his tenure with BISYS provides optimal continuity for our valued
clients. I believe Fred's leadership and management talent is ideally matched
with our strategic plans for BISYS Fund Services."
Mr. Naddaff stated, "I plan to leverage my experience to grow this
business line and continually enhance our product offering and service levels.
I believe my experience at BISYS has allowed me to develop strong insight into
the needs of our diverse clients and a solid working relationship with our
outstanding staff. I welcome the opportunity to support the growth goals of
BISYS and our clients by serving in this expanded role."
A 25-year veteran of the financial services industry, Mr. Naddaff has
extensive experience in many aspects of the investment business, particularly
operations. Prior to joining BISYS, Mr. Naddaff held senior management
positions at First Data Investor Services Group, Shawmut Bank's Mutual Fund
Division, and Boston Financial Data Services.
Mr. Naddaff holds Bachelor of Science degrees in finance and computer
science from Northeastern University, and a MBA from Suffolk University.
About BISYS Fund Services
BISYS' industry-leading fund services include administration and
accounting, transfer agency and shareholder services, compliance and
regulatory support, and marketing and distribution solutions. BISYS also
leverages its state-of-the-art fund services platform to support separately
managed accounts, 529 college savings plans, registered hedge funds, and
variable annuity and variable life insurance products. Complementing its
domestic presence, BISYS operates offshore platforms located in Dublin,
London, Luxembourg, and Guernsey. This extensive array of services supports
approximately 100 clients, representing more than 1,500 registered and non-
registered funds and more than $575 billion in assets under administration.
Complementing BISYS' mutual fund services with its alternative investment and
retirement services generates the broadest array of investment services
available from a single provider.
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 more than $650 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 third 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
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Related links:
http://www.bisys.com
Company News On-Call:
http://www.prnewswire.com/comp/851938.html
CONTACT:
Bill Tomko, President of BISYS Investment
Services, +1-617-470-8043
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