Bisys Fund Services today announced the appointment of Joseph Mrak as senior vice president and general manager for its managed account outsourcing business, WealthSolutions.
Designed to meet the demands of separately managed account (SMA) managers and sponsors, registered investment advisors, and institutional money managers, WealthSolutions is a suite of outsourcing services that enable clients to focus on their core competencies.
Mrak brings a breadth of industry expertise to Bisys in areas including multi-style portfolio and unified managed account program design and development, technology, business process best practices, and front, middle and back-office operations. He also has experience with institutional money management products and technology.
"Joe is an innovator and thought-leader of the SMA sector, and he will prove instrumental in positioning Bisys as the best-in-class provider of outsourced managed account solutions," said Fred Naddaff, president of Bisys Fund Services. "We envision significant growth potential for WealthSolutions and look forward to the many positive contributions Joe is poised to bring to our wealth management clients and prospects."
Mrak comes to Bisys from CheckFree Investment Services where he worked closely with CheckFree's vast array of clients to develop and implement best-of-breed products, programs, and solutions to support and grow their business. As vice president of product management and marketing, Mrak was responsible for the strategy and development of the APL, GIM, and CALIPER product lines.
Prior to joining CheckFree, Mrak was a co-founder of Placemark Investments, a leading overlay portfolio manager of separate account solutions for financial professionals and their clients. Mrak has also worked for consulting firms A.T. Kearney and Ernst & Young as a strategy consultant in the financial services industry. He received a Bachelor of Science degree from Marquette University and received his MBA from the University of Texas at Austin.
"I'm very excited by the opportunities afforded me here at Bisys in servicing the wealth management sector," said Mrak. "As fees become more compressed and products and technology grow in complexity, the SMA market is following the natural progression toward outsourcing. Through WealthSolutions, managed account asset managers and sponsors can leverage our experience as a leading outsourcing provider in the hedge, retirement, and fund industries."