Citigroup Inc. has consummated the acquisition of a major financial services support company.
BISYS Group Inc., Roseland, N.J., has gone ahead with a previously announced deal with Citigroup, New York, and filed a form with the U.S. Securities and Exchange Administration that has terminated the registration of BISYS securities with the SEC.
Citigroup is keeping the BISYS units that support mutual funds and hedge funds, but it has sold the old BISYS life, retirement services and commercial insurance operations to J.C. Flowers & Company L.L.C., New York, a private equity firm.
Before J.C. Flowers acquired the BISYS operations, it owned Crump Group Inc., Dallas.
Crump will run the BISYS life and retirement services divisions as separate divisions, and it will combine the commercial insurance business with its own commercial services division, J.C. Flowers says.
John Howard, who has been president of BISYS Life Insurance Services, will be president of the Crump Group.
Bob Guillocheau, who has been head of the retirement services division, will continue to manage that division, J.C. Flowers says.