Bisys increases hedge fund marketshare with Hemisphere acquisition
07 March 2002 | 2418 views | 0
The Bisys Group is to acquire Bermuda-based hedge fund outsourcing services provider Hemisphere for $130 million.
Hemisphere provides a range of outsourcing services, including fund administration, record keeping, regulatory and tax services, and corporate secretary and director services. The company currently services funds with approximately $50 billion in assets under management from service centres in Bermuda, Boston, and Dublin, Ireland.
Lynn Mangum, chairman and chief executive officer of Bisys, says: “Combining Hemisphere’s service offerings with Bisys’ existing mutual fund administration capabilities will generate the broadest array of fund services currently available from a single provider, and will enhance Bisys’ position as the leading third-party service provider to the investment services industry.”
The hedge fund market, which currently has more than $500 billion in assets under management, is expected to have approximately $1.7 trillion in assets by 2008.
Following regulatory approvals, the transaction is expected to be completed by March 31, 2002. Bisys is acquiring Hemisphere from Mutual Risk Management Ltd.