New York-based BISYS has partnered with the Investor Responsibility Research Center (IRRC) to offer a cost-effective, outsourced proxy voting and recordkeeping solution to mutual fund firms. IRRC's solution, in conjunction with BISYS' fund administration services, will address the new regulatory requirements imposed by the SEC.

The two firms are rolling out a packaged, end-to-end solution that can be customized to client-specific guidelines and reporting requirements. The suite includes review and development of proxy voting guidelines, outsourcing and recordkeeping, as well as Web publishing of fund proxy vote history and proxy proposal research. Founded in 1972, IRRC, which operates out of the Washington, D.C. area, is deemed a pioneer in the area of proxy research and voting services.

"Understanding that the SEC's new proxy rules will significantly change the way our clients handle this aspect of their business, we researched the industry and identified an appropriate solution," said James L. Fox, president of BISYS Fund Services. The alliance was developed over the last three to six months, according to the executive.

George Evans, executive vice president of business development for BISYS Investment Services, pointed out that the BISYS-IRRC solution, which streamlines the front- and back-end proxy voting and recordkeeping processes, enables fund managers to automate a labor-intensive and relatively costly process.  

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE