Sign in Subscribe
Investment companies

BISYS Group Retained as Administrator of Parkstone Mutual Funds

Strategic Insights

— 2 min read

The BISYS Group, Inc. (Nasdaq: BSYS) announced that its Fund Services Division has been retained as administrator of the Parkstone Mutual Funds in a multi-year contract with the Fund group. First of America Investment Corporation, which manages the Parkstone Mutual Funds, has also renewed its distribution agreement with BISYS. As part of the agreement, BISYS will provide marketing, sales support, and recordkeeping services for the bank's target 401(k) market. The partnership aims to increase Parkstone Mutual Fund assets through the addition of a competitive 401(k) program and financing commitments for the funds' class B shares.

Key Takeaways:

  • The BISYS Group, Inc.'s Fund Services Division has been retained as administrator of the Parkstone Mutual Funds in a multi-year contract.
  • First of America Investment Corporation has renewed its distribution agreement with BISYS.
  • BISYS will provide marketing, sales support, and recordkeeping services for the bank's target 401(k) market.
  • The partnership aims to increase Parkstone Mutual Fund assets through the addition of a competitive 401(k) program.
  • BISYS will secure financing commitments for the funds' class B shares through Financial Equity Partners, a New York-based financial firm.
  • The BISYS Group, Inc. is a leading provider of outsourcing solutions to and through financial organizations, supporting more than 4,000 banking and corporate clients.
  • The BISYS Fund Services Division provides proprietary mutual fund support services to 30 clients, representing approximately $27 billion in assets.
  • The Parkstone Mutual Funds are comprised of 15 mutual funds, totaling more than $4.5 billion in assets.

Statistics:

  • The Parkstone Mutual Funds have grown from three money market funds in 1987 to one of the largest bank-managed funds, comprised of 15 mutual funds with over $4.5 billion in assets.
  • BISYS has assisted Parkstone in its growth by staffing a wholesaling office and revamping marketing materials.
  • The brochures for each portfolio were recently highlighted in the November 23, 1994, issue of Lipper Analytical's "News About Bank-Related Funds."
  • BISYS has supported over 4,000 banking and corporate clients, employing more than 1,300 associates.
  • The BISYS Fund Services Division manages approximately $27 billion in assets for 30 clients.
  • First of America is one of the most successful proprietary fund families in adding assets through retail sales.

Sources:

  • [COLUMBUS, Ohio, Jan. 9 /PRNewswire/ -- The BISYS Group, Inc. (Nasdaq: BSYS)]
  • [CONTACT: Stephen G. Mintos, Executive Vice President, Fund Services Division, of The BISYS Group, Inc., 614-899-4632, or William Shauman, Senior Vice President, Trust and Financial Services Division, of First of America Bancorp, 616-376-8124/]

Read more