BISYS(R) and Bonaire Partner to Offer Billing Portal for Managed Account Clients
19 April 2007 - 6:02AM
Business Wire
BISYS� WealthSolutions�, an industry-leading provider of managed
account outsourcing services for asset managers and program
sponsors, and Bonaire Software Solutions, LLC, a global developer
of software and technology solutions for the financial services
industry, announced their strategic alliance today. Their
partnership will provide current and prospective BISYS clients with
a web-based portal for automated online fee calculations for
tracking revenue streams and invoicing managed account clients. The
multi-currency, multi-lingual REVPORT� creates compliance-driven
audit trails further eliminating manual processes, which are labor
intensive and error prone. BISYS� managed account clients will be
able to automatically calculate a variety of fees, including
foreign currency, 12b-1, asset management, wrap, and performance.
Sub-advisor payouts and commissions associated with accounts and
portfolios are also automatically computed. �We are excited to be
fully integrating REVPORT into our WealthSolutions platform,� said
Mr. Joseph Mrak, senior vice president and general manager, BISYS
WealthSolutions. �Within the managed account industry, billing and
fee calculations are notoriously complex and time consuming tasks.
The advent of the UMA (unified managed account) and UMH (unified
managed household) coupled with the additional fee-split
requirements, has sent firms seeking automated solutions.
Unfortunately, few affordable full-service offerings exist. Our
alliance with Bonaire takes the billing process to a new level and
underscores our commitment to put the marketplace�s best
technologies and services to work for our clients.� REVPORT accepts
data feeds from clients� record keeping platforms, performs complex
calculations, and then posts the fees to the general ledger. Upon
processing the data, the system automatically generates invoices as
well as audit, financial control, and management reports. BISYS�
WealthSolutions clients will have the flexibility to utilize the
managed accounts outsourcing expertise within BISYS or manage their
billing tasks themselves through the hosted solution. �By
partnering with BISYS WealthSolutions, an innovator and major
provider in the managed account space, we have the opportunity to
introduce our software solutions to a financial market that is
increasingly faced with more complicated fee and revenue management
processes. We believe that REVPORT�s proven ability to address
these issues in a cost-effective manner will generate considerable
interest and demand,� said Mr. John Bosley, chief operating
officer, Bonaire Software Solutions, LLC. About BISYS
WealthSolutions WealthSolutions provides a comprehensive, flexible
suite of services designed to meet the demands of the managed
account marketplace, including separately managed accounts (SMA)
and unified managed accounts (UMA). This innovative outsourcing
service model enables clients to focus on asset management and
market penetration. In addition, clients benefit from BISYS�
established operational infrastructure and state of the art
technology that provides a single, consolidated platform for trade
and account processing. WealthSolutions brings together BISYS�
outsourcing expertise, proven infrastructure and experience in
developing policies and procedures to wealth management providers.
Additional information is available at
www.bisyswealthsolutions.com. About BISYS The BISYS Group, Inc.
(NYSE: BSG) provides outsourcing solutions that help investment
firms and insurance companies to more efficiently serve their
customers, grow their businesses, and respond to evolving
regulatory requirements. Its Investment Services group provides
administration and distribution services for mutual funds, hedge
funds, private equity funds, retirement plans, separately managed
accounts, and other investment products. Through its Insurance
Services group, BISYS is the nation�s largest independent wholesale
distributor of life insurance and a leading independent wholesale
distributor of commercial property/casualty insurance, long-term
care, disability, and annuity products. Additional information is
available at www.bisys.com. About Bonaire Software Solutions, LLC
Bonaire is focused on providing product and service solutions to
the financial services industry. Clients include industry leading
investment managers, mutual funds, broker dealers, registered
investment advisors, custody and clearing, wealth management and
retirement services providers. Products include REVPORT�, a Revenue
Management and Fee Billing application, and RECAST�, a transfer
pricing and revenue reallocation module providing revenue
reallocation with conditional rules based logic that creates real
time revenue and expense reports. Based in Boston, MA, Bonaire is a
privately held company founded in 1999. For more information about
Bonaire Software Solutions, please visit www.bonairesoft.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 based on management's current reasonable
expectations and are subject to certain assumptions, risks,
uncertainties and changes in circumstances due to future events as
well as changes in economic, competitive, regulatory and/or
technological factors affecting BISYS� business, including, without
limitation, the impact of the Company�s evaluation of strategic
alternatives and the outcome of pending and future government
investigations and litigations involving the Company. More detailed
information about risk factors that could cause actual results to
differ materially are noted in BISYS� periodic filings with the
Securities and Exchange Commission, including its Annual Report on
Form 10-K for the year ended June 30, 2006. These documents can be
accessed on BISYS� website at www.bisys.com under the �Investor
Relations� tab. Forward-looking statements are only predictions,
not guarantees of performance, and speak only as of the date they
are made. BISYS disclaims any obligation to update or amend these
statements in light of new information, future events or otherwise.
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