BISYS Fund Services' has launched an enhanced administration service model called AdministrationPLUS.
The new offering provides tools and services that enable fund companies to leverage BISYS' infrastructure, improving transparency and oversight capabilities.
'After taking a hard look at the way BISYS and others in the industry package and offer fund administration services, we identified a need for enhancement in the marketplace,' says BISYS president Fred Naddaff, who believes the reconfigured service model also provides clients with heightened control. 'In essence, we have wrapped a number of underlying oversight support services into our fund administration offering. Our goal is to provide a new service model with a more controlled operating environment and total transparency.'
According to Naddaff, the most significant program enhancements are the numerous support resources for treasurers, chief compliance officers, distributors, broker/dealer compliance professionals and others in similar oversight capacities.
'BISYS serves as fund treasurer for a diverse range of clients, and we have invested in an extensive Sarbanes-Oxley oversight infrastructure,' says George O Martinez, senior vice president, who oversees AdministrationPLUS. 'We have opened our doors to our clients' internal treasurers who can now avail themselves of these oversight resources.'
A similar opportunity exists for the majority of clients who choose to have a fund chief compliance officer (CCO) on staff. 'BISYS has a team of senior compliance professionals who support our clients in the role
of fund CCO,' adds Martinez. 'In order to provide this service, we built a testing platform that assesses over 580 policies and procedures across such functions as fund accounting, transfer agency, administration and distribution. The procedures and testing platform constitute the backbone of our clients' 38a-1 fund compliance program. Our level of 38a-1 compliance support is now available to our clients' CCOs, providing them with total transparency of fund operations.'
Distribution support services are also offered through AdministrationPLUS, regardless of whether a client chooses BISYS as fund distributor or owns that responsibility within their organization.
'As a fund distributor, BISYS has built a wholesaler monitoring system to ensure compliance with NASD cash / non-cash compensation requirements,' concludes Martinez. 'It makes sense to leverage this expertise for our clients' benefit, thus providing oversight in areas that are under increased scrutiny by regulators.'
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