Trusco Capital Management signs with Bisys for mutual fund services
15 April 2004 | 495 views | 0
BISYS, a leading provider of business process outsourcing solutions for the financial services sector, today announced that it has been selected by Atlanta-based Trusco Capital Management, Inc. to provide a full-service mutual fund servicing solution. BISYS will support the STI Classic family of mutual funds, which are managed by Trusco Capital Management and represent 52 funds and approximately $26 billion in assets under administration, with fund accounting; financial administration; transfer agency services; legal, compliance, and regulatory support; and distribution services.
Jeff Vogelbacker, managing director of Trusco Capital Management, said, "We selected BISYS to perform these mission-critical business functions based on its end-to-end mutual fund servicing solution; its value-added distribution solutions; and its competitively distinct legal, regulatory, and compliance services. We believe the opportunity to leverage our core competencies with BISYS' resources will effectively, efficiently, and proactively support our ongoing growth goals and our commitment to provide outstanding mutual fund investments and services to our shareholders."
According to Fred Naddaff, president of BISYS Fund Services, "We believe that our comprehensive service model and solutions provide complementary synergies between our organizations. BISYS' tailored approach was clearly a differentiation point, particularly with regard to our ability to assist in Trusco Capital Management’s asset growth and retention, as well as its compliance with the current regulatory environment. Trusco Capital Management and the STI Classic Funds is a very important relationship to add to our client roster. We look forward to working closely with them to ensure a smooth transition, and to do our part to meet the ongoing business objectives for the STI Classic Funds."
George Evans, executive vice president of business development for BISYS Investment Services, added, "We believe the ability to establish this significant relationship is a resounding endorsement of the functional capabilities of our servicing platform, the sophistication of our technology, and the broad expertise we offer in each of the disciplines inherent in the dynamic and competitive investment industry. BISYS' ability to enhance shareholder services; our distinct emphasis on legal, regulatory, and compliance services; our distribution support; and the strategic consulting provided by our Financial Research Corporation subsidiary comprise an offering that we believe to be competitively distinct in today's marketplace. We are confident that our uncompromising standards will foster a long-term and growing relationship with Trusco Capital Management."
BISYS and Trusco Capital Management expect to execute a definitive agreement in the coming weeks, and the STI Classic Funds are expected to be converted to BISYS’ servicing platform by August 2004.