Old Kent Picks Bisys As Fund Distributor

Old Kent Financial Corp. has selected Bisys Fund Services to be administrator and distributor for its proprietary mutual funds.

Bisys' fund services unit, based in Columbus, Ohio, replaces First Data Corp. effective Aug. 1.

Grand Rapids, Mich.-based Old Kent has $4 billion of assets in two money market and 11 stock and bond proprietary funds.

"The funds continually are looking for new ideas for increasing our assets under management," said E. Phillip Farley, executive vice president in the bank's trust department. "Bisys, with their huge commitment to this business, was the best option for us."

Mr. Farley said the bank is looking to reinvigorate sales of the Kent Fund family, and will look to Bisys for help in both institutional and retail channels.

Bisys said the new contract will push assets in mutual funds supported by the company over the $100 billion mark.

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