has acquired DML Fund Services Group
, Bill Tomko, president of the investment services group, told the MutualFundWire.com. DML provides accounting, administration, advisory, and tax services for the private equity sector. This move follows Bisys' purchase of Hemisphere companies, which provide administrative services for hedge funds.
DML supports 200 alternative investment funds including: buy-out, venture, real estate, mezzanine debt, fund of funds, co-investment, employee plans, and carrier interest plans.
Norman Leben and Steven Millner, who are the co-founders and co-managers of DML, will serve as managing directors in a unit of Bisys.
"Combining DML's private equity fund services with BISYS' mutual fund and hedge fund solutions generates the broadest suite of investment services available from a single provider. Alternative investments have become an active and innovative arena for global asset managers, and supporting private equity funds with world-class administrative, accounting, and tax services represents a significant growth opportunity for Bisys," stated Lynn Magnum, chairman and ceo of the firm, in a statement.
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