MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Wednesday, May 24, 2000 BISYS Digs for Off-Shore CLAM BISYS today announced an agreement with Credit Lyonnais Asset Management (CLAM)
BISYS has had a base in Dublin for international operations since 1991-1992 and in February 1999 acquired Rothchild Asset Management, which gave them an additional presence in both London and Guernsey for fund administration, accounting and transfer agent (TA) services. The Rothchild acquisition also gave them staff of over 100 and and gave the firm two proprietary TA systems. The transaction, although carefully worded, is an acquisition of the assets that CLAM had administered and brings BISYS about $5 billion in funds, as well as 20 staff members and six to eight external clients. Charlie Mohr, president of BISYS investment services group said that BISYS would be adding to the European sales force, as well as using the domestic sales force to build out the firm's off-shore business. "We now have four strong bases in Europe, so we're going to grow these both internally and externally -- the old-fashioned way," said Mohr, when queried about potential future acquisitions. While Mohr would not discuss the terms of the transaction, he did say that "terms of the agreement have some specific deliverables in terms of transfer agent capabilities as well as Internet capabilities." Mohr added that CLAM currently used a SunGard fund accounting system, so any transition on that side would be fairly simple, while the TA platform would be switched to BISYS' Internet-enabled system. In terms of future plans, Mohr also said that BISYS was looking at possible hedge fund administration, since the firm had recently developed those capabilities. Printed from: MFWire.com/story.asp?s=25714 Copyright 2000, InvestmentWires, Inc. All Rights Reserved |
