Citigroup's acquisition of BISYS for $1.47 billion last May, with a subsequent spin off of two units to private equity firm J.C. Flowers appeared to be a done deal. But one last under-the-radar acquisition took place two weeks ago.

Citigroup acquired the entire firm, including BISYS' prized alternative investments/hedge funds servicing business, its insurance and retirement services units, and its troubled mutual fund servicing unit, which had been fined by regulators for essentially accepting kickbacks.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.