BISYS, a leading provider of business process outsourcing solutions for the financial services sector, today announced the material enhancement of its servicing solution for separately managed accounts through a strategic alliance with Vestmark.
BISYS will support asset wealth managers with state-of-the-art functionality and a more robust and cost-effective servicing platform following the integration of its proprietary technology with Vestmark's key technology components, including its JAVA-based, scalability technology; a sophisticated workflow engine; and an interface development and maintenance application.
According to Fred Naddaff, president of BISYS Fund Services, "BISYS offers the broadest suite of investment services available from a single provider and we continue to strategically expand these services based on client and market demands. Our systematic best-of-breed approach is supporting the development of our wealth management offering, which will encompass the specific solutions our clients need to cost-effectively develop and grow their wealth management businesses, including our enhanced servicing solution for separately managed accounts. We are uniquely positioned to support the growing wealth management market segment with the sophisticated automation, the timely and accurate information, and the essential efficiencies investment managers need in today's highly competitive marketplace."
Kevin Keefe, senior vice president of BISYS Wealth Management Solutions, said, "The well-documented operational challenges that asset managers face in today's separately managed account marketplace include the lack of a robust and scalable processing platform; the need to interact with multiple, disparate external platforms; and limited aggregate business line data. Until our development of this servicing platform, which will efficiently leverage proven state-of-the-art technology, no servicing solution we know of adequately addresses these key challenges in a flexible and cost-effective way. We are confident that our competitively distinct servicing solution for separately managed accounts will support the near- and long-term demands of this dynamic marketplace."
David Blundin, chief executive officer of Vestmark, said, "We are pleased to form this strategic alliance with BISYS. We expect this partnership of capabilities, powerful technology, expertise, and service cultures will be well received in the marketplace and will ultimately establish an industry-leading servicing solution for separately managed accounts."