Bisys acquires RK Consulting
21 December 2004 | 1493 views | 0
BISYS, a leading provider of outsourcing solutions for the financial services sector, today announced the signing of a definitive agreement to acquire RK Consulting, a New Jersey-based provider of investment fund administration services to the hedge fund and private equity industries.
Upon closing, BISYS' Hedge Fund and Private Equity businesses will exceed $180 billion in assets under administration, solidifying BISYS' position of leadership in the alternative investment industry.
RK Consulting is the investment fund administration affiliate of Rothstein Kass, and provides a full range of administration and outsourcing solutions to hedge funds, private equity funds, and funds of funds located throughout the world. Rothstein Kass is an international accounting and consulting firm ranked by Public Accounting Report among the top 20 firms in the United States. Headquartered in Roseland, New Jersey, with additional offices in New York, California, Texas, Colorado and the Cayman Islands, Rothstein Kass is a premier accounting and consulting firm serving the financial services industry, with a particular emphasis in the alternative investment industry.
According to Russ Fradin, BISYS' President and CEO, "We look forward to welcoming RK Consulting to the BISYS family. With its excellent professionals, reputation for strong customer service, dedication to the alternative investment industry and complementary geographic footprint, RK Consulting is an ideal partner for our hedge fund and private equity businesses. We are particularly enthused about the potential to leverage RK Consulting's fund of funds product offering and significant New York area presence as we grow these strategically important businesses."
Maury Cartine, managing partner of RK Consulting, added: "We selected BISYS because of the compelling business synergies existing between our two firms. Joining BISYS also completes the process of separation from our public accounting practice, with whom issues of independence were a future concern. We now have a clear and certain future with a financially strong public company that enjoys a position of leadership in our industry."
The transaction, which is subject to usual and customary closing conditions, is expected to be completed in the next several weeks.