BISYS says it has won a mutual fund outsourcing mandate from New Covenant Funds, which are sponsored by the Presbyterian Foundatio.
BISYS will support five funds with more than 10,500 investor accounts and more than $1.3 billion in assets, with administration and accounting services; transfer agency services; legal, regulatory, and compliance services; and marketing and distribution services. Through its Financial Research Corporation (FRC) subsidiary, BISYS also will support the New Covenant Funds’ distribution strategy with market analytics, advanced research, and customized consulting services.
“We selected BISYS based on its competitively distinct distribution solutions and its extensive legal, regulatory, and compliance services,” says Robert E. Leech, president and chief executive officer of the Presbyterian Foundation. “Our selection also was influenced by BISYS’ broad industry expertise, its commitment to state-of-the-art technology, and its unique consultative approach, which will generate an outsourcing solution customized to support our specific business and service goals. We are extremely confident in our decision to entrust these vital functions to this industry leader.”
Fred Naddaff, president of BISYS Fund Services, added: “We have recently made significant investments in our comprehensive suite of distribution solutions, which support our diverse clients’ asset growth and retention strategies; and in our legal, regulatory, and compliance resources, which help our clients develop and maintain efficient, effective compliance infrastructures. It is rewarding that our solutions for these mission-critical business functions were key factors in the evaluation and selection process of the New Covenant Funds. I believe our commitment to developing and delivering contemporary, value-added outsourcing services will continue to enhance BISYS’ competitive position, expand our existing client relationships, and build our domestic and international client roster.”
According to George Evans, executive vice president of business development for BISYS Investment Services, “The confidence that New Covenant Funds and the Presbyterian Foundation have in our core outsourcing platform, our value-added products and services, our technology, and our industry expertise is extremely rewarding.
We are confident that our mutual fund servicing platform is an ideal fit with this client’s growth and service goals, and that our commitment to service excellence will foster a successful, growing, long-term relationship.”