BISYS will assume responsibility for all of the mutual fund administration of Credit Lyonnaise Asset Management, which manages and provides fund administration to outside money managers for assets totaling $4 billion. BISYS will hire the 25 Credit Lyonnaise employees involved in back-office processing and will assume the physical assets and office space of the unit. Terms were not disclosed.
Lynn Mangum, chairman and CEO of BISYS, said his company will use the Luxembourg location to service other mutual fund administration clients throughout continental Europe.
