BISYS' Full-Service Fund Solution to Support Nine Mutual Funds
Representing Approximately $500 Million in Assets
NEW YORK, Oct. 28 /PRNewswire-FirstCall/ -- BISYS, a leading provider of
investment, insurance, and banking solutions, today announced that it has been
selected to provide mutual fund servicing solutions for Nebraska-based First
National Bank. BISYS will support the bank's nine mutual funds, which
represent approximately $500 million in assets under administration, with fund
accounting; financial administration; legal, compliance, and regulatory
support; and distribution services. BISYS also will support the bank's Web
strategy for the First Focus Funds with a sophisticated, client-branded Web
site; and BISYS' FRC subsidiary will support the funds' distribution strategy
with market analytics, advanced research, and customized consulting services.
Michael Phelan, vice president of the Wealth Management Group of First
National Bank, said, "BISYS clearly demonstrated its unique ability to provide
the extensive range of fund services, the technology and technical resources,
and the professional legal counsel that are consistent with our high
standards. During our 150-year history, we have continually focused more of
our resources on the needs of our clients, and we believe partnering with
BISYS for these vital business functions will fundamentally support this
guiding principle of our success and growth. We look forward to leveraging
the expertise and resources of this industry leader to continually enhance the
performance of our mutual fund family."
According to Fred Naddaff, president of BISYS Fund Services, "It is
extremely rewarding that First National Bank selected BISYS for what we
consider to be our primary and industry-recognized strengths -- a processing
platform that is functionally superior, a company-wide commitment to premier
service, and day-to-day access to industry experts who represent every
business and technical discipline inherent in the investment services
industry. We believe that our full-service fund solution is ideally suited to
support this bank's strategic goals."
George Evans, executive vice president of business development for BISYS
Investment Services, added, "We welcome the addition of First National Bank to
our client roster and the opportunity to support its growth, performance, and
service goals with our industry-leading fund solution. We believe the bank's
decision to rely on BISYS for these vital business processes will expedite its
speed-to-market with new investment products and services, materially increase
its operating flexibility, and enable its requisite resources to be strictly
focused on its core competencies. We look forward to establishing a long-
term, growing relationship with this respected financial institution."
About First National Bank
First National of Nebraska is one of the largest bank holding companies
headquartered west of the Mississippi River. First National and its
affiliates have over $16 billion in managed assets and over 7,000 associates
located across the United States. Primary banking offices are located in
Nebraska, Colorado, Illinois, Iowa, Kansas, South Dakota, and Texas. For more
information, please visit http://www.firstnational.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 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 The BISYS Group, Inc.
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Related links:
http://www.bisys.com
http://www.firstnational.com
Company News On-Call:
http://www.prnewswire.com/comp/851938.html
CONTACT:
Fred Naddaff, President, BISYS Fund Services,
+1-614-470-8100
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