Press Release
BISYS Selected to Support Victory Capital Management's Individual(k) Plans
BISYS to Support New Retirement Plan Alternative for Small Business Owners With Turnkey Administration and Record Keeping Solution
NEW YORK, NY, April 17, 2002 -- BISYS, a leading national provider of business process outsourcing solutions for the financial services sector, today announced that Cleveland-based Victory Capital Management has selected BISYS to support its new, private labeled Individual(k) retirement plan with full-service record keeping and administration services, including product training, plan installation, professional advisor communications, and dedicated Web sites for plan participants and inquiring business owners.
BISYS currently provides the industry's only turnkey solution for Individual(k) plans, the retirement savings alternative that became available for small business owners under the provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA). BISYS provides every record keeping and administrative function financial services firms need to enter and compete in this new market, including IRS-approved prototype plan documents, on-site training, client-branded marketing and educational materials, and customized Web content and tools.
Chris Dyer, managing director of Victory Capital Management, said, "Since 1997, BISYS has supported the unique record keeping and administrative requirements of our traditional 401k offering. We are now very pleased to enter this dynamic new retirement market backed by BISYS' proven commitment to quality service and innovative, technology-based services. We believe BISYS' turnkey Individual(k) solution will be a strategic, growth-enabling component of our success supporting small business owners with this new retirement savings solution."
Victory Capital Management's Individual(k) offering will be initially distributed through its McDonald Investments brokerage affiliate. Business owners will have the option to select mutual funds from 10 to 20 different fund families, including the Victory Funds.
According to Christopher Guarino, president of BISYS' Retirement Services, "We are extremely pleased that Victory Capital Management has the confidence in our expertise and the satisfaction with our retirement services to select BISYS to support their entrance into this new marketplace. We expect our customized record keeping and administrative solution will generate substantial benefits for Victory Capital Management and ultimately for their Individual(k) plan participants."
George Evans, executive vice president of business development for BISYS' Investment Services group, concluded, "BISYS was the first firm to develop a full-service solution for the Individual(k) product and marketplace, and we believe the depth and breadth of our services are unmatched."
About Victory Capital Management
With a heritage of more than 100 years, Victory Capital Management Inc. is a full-service investment manager whose expertise spans a broad range of equity and fixed income disciplines. Victory Capital Management manages approximately $80 billion in assets and provides long-term investment solutions to clients, including corporations, public entities, Taft-Hartley plans, high net worth individuals and families, and non-profit organizations. Victory Capital Management is a member of the Key Financial Network (NYSE: KEY). For more information, visit http://www.victoryconnect.com.
About BISYS' Retirement Services
BISYS is a leading provider of retirement services, providing plan administration services to approximately 15,000 small and mid-size retirement plans with approximately 1.3 million participants. BISYS also supports approximately four million IRA holders and approximately 400,000 employers with plan documents and various ancillary support services, and trains approximately 12,000 industry professionals annually.
Financial services and investment management companies are efficiently supporting retirement plan sponsors, participants, and IRA holders; increasing sales; and managing plan-related costs with BISYS' unmatched breadth of technology-based retirement solutions. These customized, turnkey services include 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.
About BISYS
The BISYS Group, Inc. (NYSE: BSG), headquartered in New York City, provides business process outsourcing solutions that enable investment firms, insurance companies, and banks to capitalize on convergence by entering new segments of the financial services industry. BISYS currently supports more than 20,000 domestic and international financial institutions and corporate clients through three business units. Its Investment Services group provides administration and distribution services for more than 300 clients, representing approximately 1,600 mutual funds, hedge funds, and alternative investment products with more than $550 billion in assets. BISYS' largest group also provides retirement services to approximately 15,000 companies in partnership with 36 of the nation's leading banks and investment management companies, and offers analytical research and competitive intelligence through its Financial Research Corporation (FRC) subsidiary. Through its Insurance and Education Services group, BISYS is the nation's leading independent distributor of life insurance and the premier provider of the support services required to sell traditional and variable life, annuity, long-term care, and disability insurance products. BISYS' fastest growing group also offers more than 250 certification and continuing education training courses for insurance and investment professionals, and provides a sophisticated suite of licensing-related products and services. BISYS' Information Services group provides information processing and imaging solutions to more than 1,150 financial institutions, and asset retention solutions to more than 120 insurance companies. Additional information is available at http://www.bisys.com.
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