Shares in BISYS Group, Inc., a coming force in fund administration on both sides of the Atlantic, began trading on the New York Stock Exchange (NYSE) today. The firm, established in 1989, was previously listed on Nasdaq. “We believe moving to the New York Stock Exchange, which is a hallmark of the best blue-chip companies, will enhance BISYS’ global visibility, and provide heightened awareness and marketability among our increasingly international target market,” explained BISYS chairman and CEO Lynn Magnum. “Trading on the New York Stock Exchange also positions BISYS in the company of some of our most prestigious and valued clients.”
BISYS was founded in 1989, completed its initial public offering in 1992, and has since acquired thirty companies. NYSE-listed shares will presumably make a handy acquisition currency.
Today, the firm provides what it calls “business process outsourcing services,” among which it numbers mutual fund administration. Its Investment Services group currently administers and distributes approximately 120 families of mutual funds with more than 1,200 registered and non-registered funds. BISYS also provides retirement services to approximately 15,000 companies in partnership with banks and investment managers.
During the past five years, BISYS’s revenues grew at a compounded annual growth rate of 23 percent, and operating earnings, exclusive of one-time charges, grew at an annual rate of 24 percent. During the fiscal year ended June 30, 2001, BISYS’ revenues increased 23 percent to $701.8 million, and net income, exclusive of one-time charges, increased 25 percent to $87.7 million, or $1.45 per diluted share.