The Bisys Group has acquired New York-based private equity fund outsourcing services provider DML Fund Services Group for an undisclosed sum.
DML Fund Services Group provides a range of accounting, administration, advisory and tax services to the private equity sector. The company administers more than 200 funds with aggregate committed capital of more than $24 billion. These include buy-out, venture, real estate, mezzanine debt, fund of funds, co-investment, employee plans, and carrier interest plans.
Norman Leben and Steven Millner, founders and co-managing partners of DML, will now serve as managing directors of the resulting Bisys business unit.
Lynn Mangum, chairman and chief executive officer of Bisys, says: "Alternative investments have become an active and innovative arena for global asset managers, and supporting private equity funds with world-class administrative, accounting, and tax services represents a significant growth opportunity for Bisys."
The move is in line with Bisys' strategy to provide the investment management community with outsourcing solutions for all asset classes. Earlier this year, the group acquired the Hemisphere companies, one of the largest global hedge fund administrators.