BISYS announced today that it has been selected by New York-based Bessemer Trust Company to provide fund administration for the investment firm’s new closed-end mutual fund. Bessemer Investment Management LLC, a wholly owned subsidiary of Bessemer Trust Company, recently released the Sand Hill Investors Fund II for high net worth individuals. This agreement continues BISYS’ strategic expansion into providing administration services for closed-end investment instruments.
Since 1999, BISYS has supported Bessemer Trust Company’s Old Westbury Funds with an array of fund services, including administration, accounting, and transfer agency services. Total net assets in the five long-term investment portfolios that comprise this fund family have more than doubled during the past two years.
According to Mary Martinez, director of Relationship Management Services, Information and Technology for Bessemer Trust Company, “BISYS has demonstrated its ability to provide sophisticated outsourcing solutions for the Old Westbury Funds family. BISYS’ understanding of our business objectives and ability to deliver seamless, superior support services have helped us grow the fund assets under management and focus on what distinguishes our firm in the marketplace. When we decided to launch a closed-end mutual fund to complement our open-end offering, it was logical for us to rely on BISYS’ proven technology, expertise, and services.”
Bill Tomko, president of BISYS’ Investment Services group, said, “Bessemer Trust has exceptionally high standards so it is rewarding to have them expand their relationship with BISYS and contract our next-generation outsourcing solutions to support their new closed-end fund. Our successful relationship with Bessemer Trust has demonstrated that BISYS’ leading-edge solutions effectively support their ability to operate as a sought-after provider of comprehensive wealth management and investment advisory services to high net worth investors.”