BISYS announced today First Financial Bancorp and its affiliate, First National Bank of Southwestern Ohio, had chosen the firm to support the bank’s entrance into the mutual fund industry. BISYS will support The Legacy Funds, the bank’s three new proprietary mutual fund portfolios representing approximately $650 million in assets, with a portfolio of outsourcing solutions, including fund administration, accounting, transfer agency, and distribution services.
The contract also includes BISYS’ Regulatory Services, which were instrumental in establishing First Financial Capital Advisors, the firm’s registered investment advisor subsidiary. BISYS’ Education Services also were contracted to provide the pre-licensing training required to obtain NASD registrations for First Financial Capital Advisors’ financial services representatives.
Mark W. Immelt, senior vice president with First Financial Bancorp and president of First Financial Capital Advisors, said, “By expanding our products and services to include mutual funds we strategically position all of our affiliates to more effectively respond to our customers’ long-term and evolving financial needs. Recognizing that the mutual fund segment of the financial services industry is new territory for our organization, we enlisted BISYS, a proven industry leader, to facilitate our entry into this market and to support our ongoing growth goals. BISYS’ expertise and sophisticated outsourcing solutions have been vital to our progress and have proactively supported the entire process, from establishing our investment advisor subsidiary and registering our mutual fund products, to assisting with the marketing and launch of The Legacy Funds.”