BISYS Selected to Support Fund Family
Representing More Than $1.3 Billion in Assets
NEW YORK, Nov. 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 New Covenant Funds to provide a
full-service mutual fund servicing solution. These funds are sponsored by the
Presbyterian Foundation, which has been providing investment management
services for more than 20 years. BISYS will support the Foundation's New
Covenant Funds, which include five funds with more than 10,500 investor
accounts and more than $1.3 billion in assets, with administration and
accounting services; transfer agency services; legal, regulatory, and
compliance services; and marketing and distribution services. Through its
Financial Research Corporation (FRC) subsidiary, BISYS also will support the
New Covenant Funds' distribution strategy with market analytics, advanced
research, and customized consulting services.
According to Robert E. Leech, president and chief executive officer of the
Presbyterian Foundation, "We selected BISYS based on its competitively
distinct distribution solutions and its extensive legal, regulatory, and
compliance services. Our selection also was influenced by BISYS' broad
industry expertise, its commitment to state-of-the-art technology, and its
unique consultative approach, which will generate an outsourcing solution
customized to support our specific business and service goals. We are
extremely confident in our decision to entrust these vital functions to this
industry leader."
Fred Naddaff, president of BISYS Fund Services, said, "We have recently
made significant investments in our comprehensive suite of distribution
solutions, which support our diverse clients' asset growth and retention
strategies; and in our legal, regulatory, and compliance resources, which help
our clients develop and maintain efficient, effective compliance
infrastructures. It is rewarding that our solutions for these
mission-critical business functions were key factors in the evaluation and
selection process of the New Covenant Funds. I believe our commitment to
developing and delivering contemporary, value-added outsourcing services will
continue to enhance BISYS' competitive position, expand our existing client
relationships, and build our domestic and international client roster."
According to George Evans, executive vice president of business
development for BISYS Investment Services, "The confidence that New Covenant
Funds and the Presbyterian Foundation have in our core outsourcing platform,
our value-added products and services, our technology, and our industry
expertise is extremely rewarding. We are confident that our mutual fund
servicing platform is an ideal fit with this client's growth and service
goals, and that our commitment to service excellence will foster a successful,
growing, long-term relationship."
About Presbyterian Church (U.S.A.)
The Presbyterian Church (U.S.A.) has approximately 2.5 million members,
11,200 congregations and 21,000 ordained ministers. Presbyterians trace their
history to the 16th century and the Protestant Reformation. Its heritage and
much of what the church members believe began with the French lawyer, John
Calvin (1509-1564), whose writings crystallized much of the reformed thinking
that came before him.
About New Covenant Funds and the Presbyterian Foundation
The Presbyterian Foundation is one of the largest church-affiliated
foundations in the United States. Since 1799, the Foundation has administered
the gifts and bequests of faithful Presbyterians, providing a steady stream of
income to designated church and charitable institutions.
The Foundation and its subsidiary, New Covenant Trust Company, N.A.
(NCTC), are responsible for the management assets for the benefit of the
Presbyterian Church (U.S.A.), its agencies, institutions, and other charitable
institutions. NCTC received its charter in 1998 as a national trust bank, and
was the first national bank to be established by a non-profit organization.
NCTC provides trust services for individual and institutional clients, and
serves as the investment advisor to New Covenant Funds.
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 second 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
Company News On-Call:
http://www.prnewswire.com/comp/851938.html
CONTACT:
Fred Naddaff, President of BISYS Fund
Services, +1-614-470-8100, fred.naddaff@bisys.com
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