BISYS announced today that The Bear Stearns Funds, the family of mutual funds advised by New York-based Bear Stearns Asset Management Inc., has selected the firm to provide fund administration and accounting services for all of its mutual funds. The 14 Bear Stearns funds, which had approximately $6.5 billion in assets as of January 31, 2002, include 12 domestic funds and two offshore funds domiciled in Dublin and the Cayman Islands respectively.
BISYS will support all 14 Bear Stearns Funds with accounting and administration services, and treasury functions including net asset value calculations, financial and performance reporting, regulatory compliance support, and fiscal budgeting oversight. BISYS also will support the two offshore funds with transfer agency services.
Frank Maresca, a senior managing director of Bear, Stearns & Company Inc. and the president and chief executive officer of Bear Stearns Fund Management, Inc., said, “We selected BISYS based on its extensive and flexible product offering, and its proven ability to provide the consistent and superior levels of service that Bear Stearns and our shareholders require. BISYS also demonstrated its ability to materially reduce our oversight burden, which will enable us to focus our attention and resources on our core business of managing assets, continually increasing the satisfaction levels of our existing clients, and aggressively attracting new shareholders.”
According to George Evans, executive vice president of business development for BISYS’ Investment Services group, “Our selection by Bear Stearns is particularly rewarding since this is one of the most respected firms in the investment industry, known for offering highly innovative investment products and services. We are confident our next generation outsourcing solutions will provide Bear Stearns with the exceptional servicing their funds and their shareholders require, and will proactively support their unique and aggressive business objectives. We are extremely pleased to add this prestigious firm to BISYS’ growing client roster.”