Here is the word that is spreading like wildfire through the defined contribution industry -- Little Falls, New Jersey-headquartered
Bisys is looking to sell its retirement services divisions.
Our sister publication, the 401kWire.com has been hearing rumblings about such a move ever since we ran a story two weeks ago that Al Shemtaub, president of the unit, had stepped down from his post.
At that time of that story, Lynn Mangum, chairman and ceo at the firm, simply told the 401kWire.com that Shemtaub was no longer serving as president, but that he would "stay on and consult with us." Other rumors we have heard indicate that Shemtaub's resignation may have been a surprise to almost all involved.
Also for that article, Mangum said that Charlie Moore, the group president for BISYS, would be overseeing retirement services. Mangum noted obliquely that it might take some time to find a replacement for Shemtaub.
Now, the current word is that not only has Bisys decided to sell the division but that
First Data Corporation is interested in buying it. We have not yet received confirmation from either vendor as to the state of these negotiations.
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