MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Tuesday, July 29, 2003 RBC Affiliates Outsource Shareholder Services Bisys has added $12 billion to its fund-servicing platform. The back-office provider added the new business by closing agreements with Voyageur Asset Management and Jones & Babson. The deal covers 26 mutual funds and another 26 portfolios. BISYS will support these fund families, which represent 26 mutual funds, 26 portfolios, and approximately $12 billion in assets, with fund accounting, sub-administration, and transfer agency services. Both Voyageur Asset Management and Jones & Babson have a common ultimate owner in the Royal Bank of Canada (RBC). Voyageur, which is the advisor to the Great Hall funds, is a wholly owned subsidiary of RBC Dain Rauscher Corp. while Jones and Babson is a subsidiary of Royal Bank of Canada (RBC). Jones & Babson offers the Babson, J&B, and Investor's Mark Series Funds. The two firms had administered their funds internally before deciding to outsource the efforts. The reason for the move, according to the funds, was to "more efficiently and cost-effectively support" the funds and their shareholders. RBC selected BISYS based on its comprehensive and state-of-the-art outsourcing solutions; its commitment to continually introduce the contemporary new products and services necessary to proactively respond to evolving industry, market, and consumer demands; and its ability to meet the aggressive conversion requirement, according to a statement. Printed from: MFWire.com/story.asp?s=5576 Copyright 2003, InvestmentWires, Inc. All Rights Reserved |