BISYS Group will buy the Hemisphere Group for about $130 million, according to a news release from BISYS and an official at Hemisphere. BISYS acquisition of Hemisphere will expand its reach into the growing hedge fund sector, said Lynn Mangum, BISYS chairman and CEO. The purchase is expected to be completed by March 31, pending regulatory approval.
Hemisphere, which was a wholly owned subsidiary of Mutual Risk Management, provides management, fund administration, record keeping, and regulatory and tax services to hedge funds. BISYS provides services to financial services clients, including accounting, legal support, marketing and distribution, and plan design and maintenance.