NEW YORK, Dec. 6 /PRNewswire-FirstCall/ -- BISYS today announced that its
subsidiary, BISYS Fund Services, Inc., is in the process of responding to an
investigation initiated by the Securities and Exchange Commission. The
Company believes that the investigation generally flows from the SEC's
industry-wide request for information from mutual funds and mutual fund
service providers that began in early 2004. The investigation primarily
concerns the payment by BISYS of expenses related to the marketing and
distribution of the shares of certain of its mutual fund clients. BISYS is
fully cooperating with the SEC.
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, and asset retention solutions to banks, insurance
companies and corporate clients. 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 BISYS Group, Inc.'s operations, markets, services and
related products, prices and other factors discussed in The BISYS Group,
Inc.'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:
Daniel Briggs, Vice President, Finance and
Investor Relations, of The BISYS Group, Inc., +1-212-907-6134
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