Fund administrator BISYS has entered the 529 college savings market with its first contract with One Group Administrative Services, a subsidiary of Bank One Corp. BISYS will provide accounting services for Bank One's One Group of Mutual Funds CollegeChoice 529 Investment Plan in the state of Indiana. The plan has 8,000 participants with $47 million in assets.
BISYS used its core platform that supports mutual funds and alternative investments to design a platform for 529 plans.
"Our agreement with One Group Administrative Services is a milestone for BISYS since it marks our entrance into a dynamic new segment of the financial services industry," said Bill Tomko, president of BISYS investment services group. "It demonstrates the strength and functionality of the accounting platform we [have built] to support the complex requirements of the 529s."