- Acquisition Will Enhance BISYS' Position in the Alternative Investment
Industry -
NEW YORK, Dec. 21 /PRNewswire-FirstCall/ -- BISYS, a leading provider of
outsourcing solutions for the financial services sector, today announced the
signing of a definitive agreement to acquire RK Consulting, a New Jersey-based
provider of investment fund administration services to the hedge fund and
private equity industries. Upon closing, BISYS' Hedge Fund and Private Equity
businesses will exceed $180 billion in assets under administration,
solidifying BISYS' position of leadership in the alternative investment
industry.
RK Consulting is the investment fund administration affiliate of Rothstein
Kass, and provides a full range of administration and outsourcing solutions to
hedge funds, private equity funds, and funds of funds located throughout the
world. Rothstein Kass is an international accounting and consulting firm
ranked by Public Accounting Report among the top 20 firms in the United
States. Headquartered in Roseland, New Jersey, with additional offices in New
York, California, Texas, Colorado and the Cayman Islands, Rothstein Kass is a
premier accounting and consulting firm serving the financial services
industry, with a particular emphasis in the alternative investment industry.
According to Russ Fradin, BISYS' President and CEO, "We look forward to
welcoming RK Consulting to the BISYS family. With its excellent
professionals, reputation for strong customer service, dedication to the
alternative investment industry and complementary geographic footprint, RK
Consulting is an ideal partner for our hedge fund and private equity
businesses. We are particularly enthused about the potential to leverage RK
Consulting's fund of funds product offering and significant New York area
presence as we grow these strategically important businesses."
Maury Cartine, managing partner of RK Consulting, added: "We selected
BISYS because of the compelling business synergies existing between our two
firms. Joining BISYS also completes the process of separation from our public
accounting practice, with whom issues of independence were a future concern.
We now have a clear and certain future with a financially strong public
company that enjoys a position of leadership in our industry."
The transaction, which is subject to usual and customary closing
conditions, is expected to be completed in the next several weeks.
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, back-office operations, and imaged
payment solutions to financial institutions and major corporations.
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 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:
Daniel Briggs, Vice President, Finance and
Investor Relations, of BISYS, +1-212-907-6134
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