Heartland Advisors has settled on Bisys' Fund Services division to provide fund accounting and financial administration for its $1.5 billion mutual fund family. Heartland had performed these functions internally. Heartland did not comment on which other firms were considered for the business.

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Bill Tomko, president of Bisys Fund Services, told the MutualFundWire.com that the company has already begun the conversion of its systems. The administrator will assume responsibility as financial administrator immediately, and a conversion to its fund accounting system is scheduled in the near-term. Altogether, Bisys handles the back office for about $300 billion in funds assets.

Tomko said that Bisys is having a "great year" as a fair amount of fund companies have decided to outsource these functions as the focus on their core competencies. He expects the new business to continue saying that "current trends favor outsourcing."

Paul Beste, chief operating officer for Heartland, said that the fund company chose Bisys for two reasons. "First, we decided that outsourcing was the next strategic step in our evolution as a full-service investment management company and Bisys offered the most comprehensive service menu available in the industry. Second, and more importantly, we interviewed several of Bisys' long-term clients who spoke favorably of their partnerships with Bisys. We believe we will have a long and mutually rewarding relationship."

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