EXHIBIT 99.2
FOR IMMEDIATE RELEASE
Contact:
Lynn Mangum
Chairman and Chief Executive Officer
(212) 907-6066
The BISYS Group, Inc.
(NYSE: BSG)
www.bisys.com
BISYS(R) COMPLETES ACQUISITION OF THE
HEMISPHERE GROUP OF COMPANIES
-- Acquisition Expands BISYS' Service Offering for
Fast Growing Hedge Fund Market --
NEW YORK, N.Y. (March 22, 2002) -- The BISYS Group, Inc., a leading provider of
business process outsourcing services to the financial services sector, today
announced that it has received regulatory approval and completed its previously
announced acquisition of the Hemisphere companies, a leading provider of
outsourcing services for the rapidly growing hedge fund market.
The acquisition of Hemisphere, which is the largest hedge fund administrator in
Europe and the third largest globally, enhances BISYS' position as a leading
provider of value-added services for the investment management industry, and
expands its presence and potential in the high-growth hedge fund and alternative
investment products markets. The overall hedge fund market, which currently has
more than $500 billion in assets under management, is expected to have
approximately $1.7 trillion in assets by 2008.
Hemisphere provides an extensive range of outsourcing services, including fund
administration, record keeping, regulatory and tax services, and corporate
secretary and director services. Hemisphere currently services funds with
approximately $50 billion in assets under management from service centers in
Bermuda, Boston, and Dublin, Ireland. Its clients are global in scope and
represent many of the industry's largest investment managers.
According to Lynn Mangum, chairman and chief executive officer of BISYS, "The
hedge fund industry represents a strategic and significant growth opportunity
for BISYS, and acquiring Hemisphere positions BISYS as a market leader in this
segment of the financial services industry.
We expect to aggressively grow this platform, which is currently supporting some
of the largest global asset managers, through direct sales to new clients and
cross sales to our respective client bases. Complementing BISYS' existing mutual
fund administration capabilities with Hemisphere's service offerings will
generate the broadest array of fund services currently available from a single
provider."
This acquisition was previously announced on March 7, 2002; and reviewed in
detail during the same-day conference call and webcast.
ABOUT BISYS' INVESTMENT SERVICES GROUP
BISYS is a leading provider of growth-enabling investment services. BISYS' FUND
SERVICES currently supports approximately 120 domestic and international
financial services clients, representing approximately $500 billion in assets
and more than 1,200 registered and non-registered funds. Its broad array of
services includes fund administration and accounting, transfer agency and
shareholder services, compliance and legal support, and marketing and
distribution solutions for traditional fund complexes and alternative
investments such as variable annuities, hedge funds, exchange traded funds, and
separate accounts. Complementing its domestic presence, BISYS operates
international fund services platforms supporting Dublin, London, Luxembourg,
Guernsey, and the Cayman Islands.
BISYS' RETIREMENT SERVICES provides virtually every component of a sophisticated
retirement plan infrastructure, including prototype plan design and maintenance,
plan administration, forms and documents, customized marketing and sales
support, reference resources, a toll-free help line for ongoing access to
industry expertise and assistance, Web-based planning tools and content, and
staff training and development. BISYS is the leading third-party administrator
of small to medium-size 401(k) plans, currently supporting approximately 15,000
retirement plans and more than 1.3 million plan participants. As a leading
provider of ERISA documents and related ancillary services, BISYS supports more
than four million IRA holders and approximately 400,000 employers, and trains
approximately 12,000 industry professionals annually.
Through its Financial Research Corporation (FRC) subsidiary, BISYS provides the
analytical research and competitive intelligence necessary to develop innovative
financial products and services, and successful distribution strategies.
ABOUT BISYS
The BISYS Group, Inc. (NYSE: BSG), headquartered in New York City, supports more
than 20,000 financial institutions and corporate clients through three
integrated business units. Its INVESTMENT SERVICES group administers and
distributes approximately 120 families of mutual funds with more than 1,200
registered and non-registered funds, provides retirement services to
approximately 15,000 companies in partnership with 36 of the nation's leading
banks and investment management companies, offers analytical research and
competitive intelligence through its Financial Research Corporation (FRC)
subsidiary, and offers regulatory consulting services. The INSURANCE AND
EDUCATION SERVICES group provides distribution solutions for traditional and
variable life, annuity, long-term care, and disability insurance products;
offers certification and continuing education training for insurance and
investment professionals; and provides licensing-related products and services.
BISYS' INFORMATION SERVICES group provides information processing and check
imaging solutions to more than 1,150 financial institutions. Additional
information is available at www.bisys.com.
EXCEPT FOR THE HISTORICAL INFORMATION CONTAINED HEREIN, THE MATTERS DISCUSSED IN
THE PRESS RELEASE ARE FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF THE
SAFE-HARBOR PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995.
THESE FORWARD-LOOKING STATEMENTS ARE SUBJECT TO RISKS AND UNCERTAINTIES THAT MAY
CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY, INCLUDING BUT NOT LIMITED TO
ECONOMIC, COMPETITIVE, GOVERNMENTAL AND TECHNOLOGICAL FACTORS AFFECTING THE
COMPANY'S OPERATIONS, MARKETS, SERVICES AND RELATED PRODUCTS, PRICES AND OTHER
FACTORS DISCUSSED IN THE COMPANY'S PERIODIC FILINGS WITH THE SECURITIES AND
EXCHANGE COMMISSION.
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