BISYS announced today that Bear Stearns Asset Management has expanded its outsourcing relationship with the company.
BISYS’s Single Source 401(k)TM platform was selected to support Bear Stearns’ 401(k) sales. It provides plan administration, daily valuation and recordkeeping services, employee communications, and interactive voice response (IVR) and Web capabilities. As part of this expanded relationship, Bear Stearn’s mutual funds will be added to the Single Source 401(k) platform as available investment options for plan participants.
BISYS also was selected to support Bear Stearns’ Individual(k) offering with its turnkey recordkeeping and administrative solution. This includes IRS-approved prototype plan documents, product training, client-branded marketing and educational materials, employer and financial advisor kits, and customized Web content and tools.
“We believe BISYS’ turnkey solutions for 401(k) and Individual(k) programs provide the functional capabilities and flexibility to meet our specific requirements, and to support plan participants and advisors with premier service levels,” says Eric Tepper, associate director of Bear Stearns Asset Management. “We expect BISYS’ proven solutions will enable us to capitalize on this growing marketplace.”
Christopher Guarino, president of BISYS’s Retirement Services, adds: “We are pleased that this prestigious firm recognizes the added-value and competitive distinction of our retirement plan solutions. We welcome the opportunity to leverage our recordkeeping and administration solutions with the investment expertise of Bear Stearns Asset Management to support this strategic new endeavor.”
According to George Evans, executive vice president of business development for BISYS’ Investment Services, “Our expanding relationship with Bear Stearns is particularly rewarding since it is one of the most respected firms in the investment industry. We are confident our high quality retirement solutions will proactively support its innovative financial products and services.”
Bear Stearns is the sixth firm to select BISYS’ Individual(k) solution since the alternative retirement savings plan was introduced as a provision of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA).
The Bear Stearns Funds, which are advised by Bear Stearns Asset Management, include 10 domestic and one offshore fund, collectively representing approximately $5 billion in assets. Since May 2002, BISYS has supported this fund family 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 supports the offshore fund with transfer agency services.