Bear Stearns outsources fund administration to Bisys

Bear Stearns outsources fund administration to Bisys

Bear Stearns Funds has selected Bisys to provide fund administration and accounting services for all its mutual funds.

The 14 Bear Stearns funds, which had approximately $6.5 billion in assets at January 31, 2002, include 12 domestic funds and two offshore funds domiciled in Dublin and the Cayman Islands respectively.

Under the agreement, Bisys will provide Bear Stearns with accounting, administration services and treasury functions, including net asset value calculations, financial and performance reporting, regulatory compliance support and fiscal budgeting oversight. Bisys also will support the two offshore funds with transfer agency services.

Frank Maresca, a senior managing director of Bear, Stearns & Company and the president and chief executive officer of Bear Stearns Fund Management, says the agreement will enable the company "to materially reduce our oversight burden, which will enable us to focus our attention and resources on our core business of managing assets".

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