Trusco Capital Management, Inc. is currently one of the largest institutional investment management firms in the U.S. with $50.2 billion in assets under management as of December 31, 2003.
The companies expect to execute a definitive agreement in the coming weeks, and the STI Classic Funds are expected to be converted to BISYS’ servicing platform by August of this year.
The STI Classic Funds were introduced in 1992 and have since grown to $25.7 billion in assets under management as of March 31, 2004. The funds cover a broad array of investment styles, including money market, fixed income, and equity funds.
BISYS currently supports more than 22,000 domestic and international financial institutions and corporate clients through three business units. Through its insurance services group, the company is the nation’s largest independent distributor of life insurance and the premier provider of the support services required to sell traditional and variable life, long-term care, disability, and annuity products.
BISYS is also one of the nation’s largest independent wholesale distributors of commercial property/casualty insurance. This group complements its insurance distribution services with a compliance management solution that supports insurance and investment firms and professionals with approximately 390 certification and continuing education training courses, and a suite of products and services that automate the entire licensing process.
We selected BISYS to perform these mission-critical business functions based on its end-to-end mutual fund servicing solution; its value-added distribution solutions; and its competitively distinct legal, regulatory, and compliance services, Jeff Vogelbacker, managing director of Trusco Capital Management told the press.
