is planning to close offices is Europe as part of an effort to boost its margins. The back office specialist's plans were revealed in a conference call Dennis Sheehan
held with stock analysts before he resigned last week.
The executives used the conference call to explain details behind the earnings shortfall announced by Bisys. On Thursday last week Sheehan resigned as CEO citing health concerns. He said that the failure of the firm to meet Wall Street's earnings expectations played no role in his decision to retire.
During the call Sheehan said that the Bisys plans to keep its Dublin, Ireland office open to serve U.S. investment managers' operations in Europe even as its shutters other operations on the Continent.
"Dublin has been doing very well," said Sheehan explaining that Bisys has a "differentiated advantage in Dublin." He added that the other offices in Europe "were in fact a distraction."
"It is the other European locations that have held margins down and are not growing," Sheehan told analysts. He also noted that the firm's hedge fund business is "doing great."
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