BISYS Fund Services introduced a revamped administration service model, which is meant to provide clients with more control and oversight benefits, according to Fred Naddaff, president, BISYS Fund Services. The enhanced model is called AdministrationPLUS.
“After taking a hard look at the way BISYS and others in the industry package and offer fund administration services, we identified a need for enhancement in the marketplace,” Nadaff said. “In essence, we have wrapped a number of underlying oversight support services into our fund administration offering.”
Naddaff said the most significant program enhancements are the support resources for treasurers, chief compliance officers, distributors, broker/dealer compliance professionals and others in similar oversight capacities.
George O. Martinez, senior vice president, who oversees AdministrationPLUS, said that for clients who choose to have a fund chief compliance officer (CCO) on staff, BISYS has a team of compliance professionals, and a testing platform that assesses over 580 policies and procedures across such functions as fund accounting, transfer agency, administration and distribution.
BISYS also offers distribution support services through AdministrationPLUS regardless of whether a client chooses BISYS as fund distributor or owns that responsibility within their organization.
“As a fund distributor, BISYS has built a wholesaler monitoring system to ensure compliance with NASD cash / noncash compensation requirements. It makes sense to leverage this expertise for our clients’ benefit, thus providing oversight in areas that are under increased scrutiny by regulators,” Martinez said.