The BISYS Group and Furman Selz signed a definitive agreement through which BISYS will offer mutual fund distribution, administration, fund accounting, transfer agency and other support services to Furman Selz mutual fund clients.
In the alliance, Furman Selz will recommend its clients enter into contractual relationships with BISYS for continuing mutual fund support services. Terms were not disclosed, but BISYS anticipates a one-time charge in its 1996 fiscal fourth quarter reflecting the payment to Furman Selz for the revenue associated with the transaction.
