Back-office service provider BISYS announced Monday it has been awarded an outsourcing contract with portfolio manager Icon Advisers, under which BISYS will provide fund accounting, financial administration, legal, compliance and regulatory services.
Icon, a Denver-based value shop, formerly known as Meridian Investment Management, has about $3.6 billion in assets. BISYS will provide administration for the company's mutual fund unit ICON Funds, which includes 17 actively managed funds with $2.7 billion in assets.
"Leveraging our core competencies with BISYS' resources will effectively and efficiently support our ongoing growth goals," said Craig Callahan, president and chief executive officer of ICON Advisers.
BISYS is an investment-outsourcing provider for various money management institutions with more than 1,000 clients throughout the industry. The company is also the nation's largest independent wholesale distributor of life insurance. In addition, BISYS distributes commercial property/casualty insurance, long-term care, disability, as well as annuities.