BISYS(R) Selects SunGard for 22c-2 Offering
January 11 2007 - 5:42PM
Business Wire
BISYS Fund Services (BISYS) announced today a comprehensive 22c-2
solution that integrates the SunGard Transaction Network (STN)
technology into its full-service compliance and oversight offering.
The BISYS 22c-2 Solution� is an all-inclusive outsourcing service
to help mutual fund companies with SEC Rule 22c-2 compliance and
administration. BISYS� service solution includes independent direct
and/or omnibus account market-timing monitoring, compliance
oversight, and proactive measures to help monitor and deter market
timing led by a dedicated team of risk analysts. BISYS will execute
intermediary service agreements and perform due diligence research
and resolution. Independent reporting on suspicious trends and
activities is automated through BISYS� proprietary compliance
desktop portal, ComplianceEdge� Dashboard. Transparency is a
paramount feature of the BISYS 22c-2 Solution, which includes full
reporting services to chief compliance officers and fund boards.
SunGard�s STN technology platform provides BISYS with secure
connectivity, data warehousing, data monitoring, an analytics
engine, reporting capabilities, and administration tools. BISYS
will integrate the STN solution with its service and compliance
expertise, including the initiation of request-for-trade detail,
monitoring and tracking of requests, data analysis, and
comprehensive client support. In addition to providing the
technology for BISYS� full-service offering, SunGard will continue
to distribute its 22c-2 solution on an application service provider
(ASP) basis to both fund companies and financial intermediaries.
�SunGard�s STN trade automation services and secure connectivity
model make it one of the most capable technology providers to
handle the intricacies of Rule 22c-2 monitoring and compliance,�
said Fred Naddaff, president of BISYS Fund Services. �By adding
SunGard�s best-in-breed STN technology component to BISYS' 22c-2
services, we have created the most powerful end-to-end full-service
offering.� �SunGard has been working closely with BISYS during the
past few months to help it create an all-inclusive solution for
Rule 22c-2 compliance outsourcing,� said Bob Ward, chief operating
officer of SunGard�s STN business unit. �By combining STN�s
technology with its own service expertise, BISYS is able to provide
fund companies with a completely outsourced compliance service for
monitoring market timing and assessing short-term redemption fees.
This offering will help bring greater efficiency and transparency
to fund trading activities and ultimately help protect individual
investors from frequent trading abuses.� About BISYS Fund Services
BISYS Fund Services is an industry-leading provider of outsourcing
solutions for mutual funds, separately managed accounts (SMAs), and
other investment programs, worldwide. Recognized by various
industry publications and surveys for its service excellence and
compliance focus, BISYS administers more than $400 billion in
assets for approximately 2,000 portfolios. Its core offerings
include compliance and regulatory consulting and oversight,
treasury and financial administration, broker/dealer compliance,
tax and legal services, fund accounting, distribution support, and
transfer agency services. Investment managers of all types and
sizes turn to BISYS for innovative and tailored solutions. BISYS
Fund Services is a division of The BISYS Group, Inc.�s Investment
Services group. About BISYS The BISYS Group, Inc. (NYSE: BSG)
provides outsourcing solutions that help investment firms and
insurance companies to more efficiently serve their customers, grow
their businesses, and respond to evolving regulatory requirements.
Its Investment Services group provides administration and
distribution services for mutual funds, hedge funds, private equity
funds, retirement plans, separately managed accounts, and other
investment products. Through its Insurance Services group, BISYS is
the nation�s largest independent wholesale distributor of life
insurance and a leading independent wholesale distributor of
commercial property/casualty insurance, long-term care, disability,
and annuity products. Additional information is available at
www.bisys.com. About STN A trade automation and connectivity
solution, the SunGard Transaction Network (STN) links institutions
throughout the financial services value chain, facilitating the
purchase and sale of many securities types, including US and
foreign equities, fixed income, mutual funds, money market funds,
certificates of deposit, and commercial paper. Integrated directly
with SunGard systems and with third-party systems, STN helps
automate the entire transaction lifecycle. About SunGard With
annual revenue of $4 billion, SunGard is a global leader in
software and processing solutions for financial services, higher
education and the public sector. SunGard also helps
information-dependent enterprises of all types to ensure the
continuity of their business. SunGard serves more than 25,000
customers in more than 50 countries, including the world�s 50
largest financial services companies. Visit SunGard at
www.sungard.com. Except for the historical information contained
herein, the matters discussed in the press release are
forward-looking statements within the meaning of the safe-harbor
provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are based on management's current
reasonable expectations and are subject to certain assumptions,
risks, uncertainties and changes in circumstances due to future
events as well as changes in economic, competitive, regulatory
and/or technological factors affecting BISYS� business, including,
without limitation, the ongoing government investigations and
litigations involving the company. More detailed information about
risk factors that could cause actual results to differ materially
are noted in BISYS� periodic filings with the Securities and
Exchange Commission. These documents can be accessed on BISYS�
website at www.bisys.com under the �Investor Relations� tab.
Forward-looking statements are only predictions, not guarantees of
performance, and speak only as of the date they are made. BISYS
disclaims any obligation to update or amend these statements in
light of new information, future events or otherwise. Trademark
Information: SunGard, the SunGard logo and STN are trademarks or
registered trademarks of SunGard Data Systems Inc. or its
subsidiaries in the U.S. and other countries. All other trade names
are trademarks or registered trademarks of their respective
holders. Brokerage products and services offered by STN are
provided by SunGard Institutional Brokerage Inc., member NASD/SIPC.
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