Bisys prepares for Individual uptake; bags ABN Amro and Bessemer contracts

Bisys prepares for Individual uptake; bags ABN Amro and Bessemer contracts

Bisys has launched a new solution for plan record keeping and administration of Individual - the new US retirement plan product for small business owners.

Bisys's support services include IRS-approved prototype plan documents, on-site training, client-branded marketing and educational materials, and customised Web content and tools.

Chris Guarino, president of Bisys' retirement services, says: "Each of the firms we are currently working with has reported that demand for this new retirement product is growing exponentially...Based on the industry-wide response to Individual, we expect most of the leading financial services organisations will launch an Individual-type product during 2002."

In November 2001, Bisys introduced an information Web site designed to explain different aspects of the new small business retirement plan. Since its launch, the site has been accessed more than 12,000 times.

The company is also reporting two new contract wins for its fund administration services. Bisys will provide London-based ABN Amro Asset Management with an outsourcing solution for a new family of ABN Amro funds. New York-based Bessemer Trust Company has selected the company's fund administration service for the investment firm's new closed-end mutual fund.

Since 1999, Bisys has supported Bessemer Trust Company’s Old Westbury Funds with an array of fund services, including administration, accounting, and transfer agency services.

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