Despite heading into the usually slower summer months, the separately managed account industry is buzzing with activity.

BISYS, the outsourced services provider based in New York has signed the second client to its new WealthManager separately managed account (SMA) platform that went live earlier this year. HSBC Investments (USA), which currently uses BISYS as the outsource provider for services to its mutual fund complex was the first to quietly ink an agreement to use WealthManager. BISYS' second such client is Fiduciary Asset Management Co. (FAMCO) of St. Louis, which manages $15.2 billion and is brand new to the SMA arena.

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