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Thursday, May 16, 2002|
AdvisorCentral Doubles Girth
AdvisorCentral, the Web portal started by industry heavyweights Fidelity, Putnam, Franklin Resources and PFPC has landed another significant partner. The portal cinched a leading position with the announcement today that it has landed Bisys Fund Services as a participant in the site. Financial terms of the agreement were not disclosed.
The deal with Bisys brings more than 70 fund families that use Bisys to handle there fund administration to the portal. Before the announcement, the portal listed 44 fund firms on its Web site.
The service promises to clean up the back office for advisors and subadvisors by providing access to consolidated mutual fund account information, mutual fund transaction capabilities, processing and customer service. The site also allows advisors to see client information from partner fund companies.
"Allowing financial professionals to use AdvisorCentral as a single source to access the funds currently on the BISYS platform supports our philosophy of not being just a service provider but being business partners with our clients, providing the greatest access to distribution opportunities," said Fred Naddaff, executive vice president of BISYS' Investment Services group in a statement announcing the deal. "This is an alliance in which we can participate in an industry-standard tool that benefits financial advisors, broker-dealers and mutual fund companies."
The initial round of work on the platform was completed last November. At that time the founding quartet of partners also announced Joseph Grause, Jr., formerly head of American General Asset Management Company as the president and ceo.
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