Delaware Investments is getting out of the defined contribution record-keeping business, according to Tom Gariepy, spokesman. "We had taken a look at our business, and our goal is to be in businesses fitting with our core capabilities and that are profitable," Mr. Gariepy said. "The record-keeping business is challenging."
Delaware hired BISYS to provide record keeping and administration services for about 1,700 retirement plans - mostly 401(k) plans - representing approximately $2 billion in assets, for which Delaware had been the bundled provider, according to Mr. Gariepy. Delaware plans to make its mutual funds available to retirement plans for investments and is "committed to growing that part of our business," he said.