Everyone could use a little matchmaking - especially money managers providing defined contribution plan services in a highly competitive market. The BISYS Group Inc. aims to provide that service.
"What we are hearing as much from prospects, future clients, as current clients is that everyone is looking at how to grow assets and optimize distribution," said George Evans, executive vice president of business development for BISYS Investment Services, a division of The BISYS Group Inc., New York.
BISYS helped mutual fund companies with marketing and provided sales support, Mr. Evans explained. "But it was the fund company's underlying sales machine we were augmenting," he added. BISYS did not provide consulting services, and it helped match companies looking for business partners only on an informal basis.
So, BISYS executives tapped Bob Kennedy, a vice president and senior consultant of subsidiary Financial Research Corp., the financial research and consulting division, to spearhead a new unit - BISYS Distribution Solutions.
The new division will use FRC research to help fund companies determine how they can compete in a tight defined contribution market, tailor marketing to money manager needs and determine which other companies would make good business partners, said Mr. Kennedy, director of BISYS Distribution Solutions.
"We'll do everything from recommending a regional broker to saying we know a fund company looking for a subadvisory relationship where your fund makes some sense," Mr. Evans said. "We can make that marriage."