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BISYS Keeps Two Outsourcing Customers

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NU Online News Service, May 3, 6:16 p.m. – The BISYS Group Inc., New York, a company that provides business and technical services for financial services companies, says two customers have renewed outsourcing deals.

Insurance Central, Carpinteria, Calif., a unit of Association Group Insurance Administrators, will continue to use BISYS to supply life insurance for the term life sales operations it runs for banks, affinity groups and broker-dealers. BISYS gets the life insurance from a network of more than 200 life insurers.

Retirement System Consultants Inc., New York, will continue to use BISYS to run its mutual funds, and now it will also use BISYS to handle “transfer agency” services for the funds.

The transfer agency services include shareholder record keeping, transaction processing, and trade processing services. In the past, Retirement System Consultants took care of those tasks itself.