Bisys increases hedge fund marketshare with Hemisphere acquisition

Bisys increases hedge fund marketshare with Hemisphere acquisition

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.

Comments: (0)

Featured Job
All Jobs »