BISYS today designated its new London office as a “marketing center,” which means it will support global private equity fund sponsors with a portfolio of accounting, administration, advisory, and tax services. It complements BISYS’s New York and Boston offices.
BISYS got into outsourcing for the private equity sector through its May 2002 acquisition of DML Fund Services Group. DML has provided fund administration services since 1993 and, through relationships with more than 40 key private equity sponsors, it administers more than $14 billion of invested capital. Its clients include many of the leading private equity fund sponsors, and it supports a broad range of funds, including buyout, venture, real estate, mezzanine debt, fund of funds, secondary, and co-investment and employee plans.
The new marketing center will be housed in BISYS’ existing London facility, which has historically provided offshore mutual fund services, and will be managed by private equity experts.
With effect from 1 July 2003, DML will operate as BISYS Private Equity Fund Services.
“Expanding our London facility with the ability to professionally promote our robust private equity fund services represents our latest initiative to strengthen BISYS’ position as a leading provider of alternative investment services,” says Bill Tomko, president of BISYS Investment Services group. “This marketing center expansion directly supports two of our key growth drivers, which are to further capitalize on the growth in alternative investments, and to continue our European expansion. This expanded London presence also complements BISYS’ hedge fund service center in Dublin, Ireland, which we added through our acquisition of Hemisphere, the largest hedge fund administrator in Europe and the second largest globally.”
According to Norman Leben, co-founder of DML and managing director of BISYS Private Equity Fund Services, “today, more than ever, private equity fund sponsors are realizing that outsourcing their vital administration, accounting, and tax functions is an operationa lalternative that enables them to focus on their core competencies and on maximizing investment returns. Based on this outsourcing trend and the growth of private equity investments in Europe, we believe this is an ideal time to expand our presence and potential with an office in London.”
Steven Millner, co-founder of DML and managing director of BISYS Private Equity Fund Services, added: “We are the leading private equity administrator in the U.S., and a London office enables us to more efficiently leverage our best practices to support the growing demand for our services and expertise in Europe. We currently work with a number of European-based funds and our London marketing center will enable us to better serve their needs.”