Bisys bags US outsourcing contracts
07 May 2002 | 2196 views | 0
Bisys has won two extension agreements for business process outsourcing services with Bank of Hawaii and New York-based Retirement Systems Consultants. The outsourcer has also renewed a distribution contract with California-based Insurance Central.
Bank of Hawaii has extended an existing agreement with Bisys to continue to support its Pacific Capital Funds family with administration, accounting, transfer agency, and distribution services including strategic planning, marketing support, and wholesaling. Bisys will also continue to provide annual compliance training for Bank of Hawaii's investment adviser, and ongoing consultation on all fund-related compliance issues.
Craig Warren, senior vice president, Bank of Hawaii, says: "Bisys' strategic planning and marketing services have played key roles in the success of our proprietary funds, which have grown from approximately $110 million in assets under management at the inception of our relationship with Bisys, to more than $2.3 billion in current assets."
Retirement System Consultants has signed an agreement with Bisys for the provision of sub-transfer agency services, in addition to the continued fund accounting and administration services supporting the firm's mutual fund family RSI Retirement Trust, previously provided by the outsourcer.
In a separate announcement, Bisys has signed a renewal agreement with Insurance Central to combine its portfolio of term life insurance products assembled through its relationship with more than 200 carriers, with Insurance Central's direct marketing, sales, and administrative support. The two companies will continue to roll out their combined insurance solutions to banks, affinity groups and broker-dealers.
Len Reynolds, president of Bisys' Insurance and Education Services group, comments: "Bisys materially increases production with our carriers through Insurance Central's mass-market penetration strategy."